Macau casinos: Wynn Macau reports US$871.7m in revenue for Q3
The figure represents a 6.3 per cent increase compared to the third quarter of 2023.
Macau.- Wynn Macau has shared its financial results for the third quarter of the year. It reported revenue of US$871.7m, down 1.5 per cent from the US$885.3m posted in the second quarter but up 6.3 per cent in year-on-year terms. The company recorded adjusted earnings before interest, taxation, depreciation, amortisation and rent (EBITDAR) of US$262.9m, down 6.2 per cent sequentially.
On a property basis, Wynn Palace saw revenue of US$519.8m, down 0.9 per cent year-over-year. Adjusted Property EBITDAR was US$162.3m, down 8.3 per cent year-on-year. Casino revenue was flat at US$418m, while VIP turnover was US$3.19bn, up 11.6 per cent. The mass table drop was US$1.69bn, down 1.8 per cent.
The table games win percentage in mass market operations was 23.9 per cent. The VIP table games win as a percentage of turnover was 3.04 per cent, below the property’s expected range of 3.1 to 3.4 per cent and below the 3.42 per cent experienced in the third quarter of 2023. The venue had 57 VIP gaming tables and 247 mass-market tables in operation. Hotel occupancy was 98.3 per cent.
Wynn Macau‘s revenue was US$352m, up 19.3 per cent year-over-year and 4.4 per cent sequentially. Adjusted property EBITDAR was US$100.6m, up 29.1 per cent year-on-year and 4.9 per cent quarter-on-quarter. Casino revenue grew by 28.9 per cent from last year to US$296.8m while VIP turnover was up by 0.7 per cent at US$1.20bn. The mass table drop was US$1.51bn, up 9.5 per cent year-over-year.
The table games win percentage in mass market operations was 18.5 per cent. The VIP table games win as a percentage of turnover was 3.61 per cent, above the property’s expected range of 3.1 per cent to 3.4 per cent and above the 3.52 per cent experienced in the third quarter of 2023.
The Macau property had 30 VIP gaming tables and 222 mass-market tables in operation during the period. Hotel occupancy was 98.9 per cent.
Total casino revenue for the group, including non-Asian operations, was slightly up in year-on-year terms at US$1.02bn, while overall revenue was US$1.69bn. The company narrowed its loss from US$116.7m a year ago to US$32.1m. Adjusted Property EBITDAR was US$527.7m, down 7.7 per cent in quarter-on-quarter terms.
Craig Billings, CEO of Wynn Resorts, said: “Our third quarter results reflect healthy demand across our resorts highlighted by strong mass gaming win in Macau and solid non-gaming performance in Las Vegas. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our market.”
Wynn Al Marjan Island development
During the third quarter of 2024, Wynn Resorts put US$18.2m of cash into the Wynn Al Marjan Island development in Ras Al Khaimah in the United Arab Emirates (UAE), bringing the company’s life-to-date cash contributions to the project to US$532.6m. Wynn Al Marjan Island is expected to open in 2027.
The complex will feature 1,542 hotel rooms, including 297 suites, six townhouses, and 22 villas, as well as 16 restaurants, six bars and lounges, 130,000 square feet of retail space, and 145,000 square feet of capacity for meetings, incentives, conferences, and exhibitions (MICE) activities.
See also: Wynn Resorts granted gaming operator licence
Billings said: “We are confident the resort will be a ‘must see’ tourism destination in the UAE and expect that it will support strong long-term free cash flow growth. At the same time, we continue to increase the return of capital to shareholders through our recurring dividend and opportunistic share repurchases. To that end, we are pleased to announce that the board has increased our share repurchase authorisation to US$1bn. We are excited about the outlook for the company, and we will continue to focus on driving long-term returns for shareholders.”
