Wynn Macau occupancy stable since January
But company president Linda Chen has stressed the importance of developing Macau’s non-gaming industry.
Macau.- Wynn Macau president and vice-chairman Linda Chen says the company has had stable occupancy rates at its hotels since January as the tourism industry starts to recover from the impact of the Covid-19 pandemic.
Chen told Macau Business that “the whole market is continuing to recover, with occupancy rates getting increasingly high, which is the most important thing.”
However, she expressed the need for diversification of the customer base to attract a wider range of international visitors to Macau. Chen was part of a delegation of political and business leaders who visited Portugal for four days last week, with some delegates going on to Luxembourg and Belgium.
According to Chen, the trip had a “very good effect, allowing the international market to know that Macau has a diverse culture, facilities, and activities, providing a wide range of experiences.”
Chen acknowledged the need to develop the non-gaming industry in Macau. “The most important thing is how we develop the non-gaming industry, non-gaming activities, and projects in the future,” she said. “If Macau can do it well, it will be of great help to the recovery of our entire market.”
While Wynn Macau has managed to keep its employees on the payroll during the pandemic, the company is now encouraging some of its gaming employees to look at non-gaming jobs, with over 200 currently receiving training for such positions.
The casino operator has reported that its operating revenue for 2022 decreased by 52.2 per cent on year-on-year terms to MOP6.37bn (US$787.5m). Operating revenues decreased by US$473.75m at Wynn Palace and US$314.8m at Wynn Macau due to decreased gaming volumes resulting from travel restrictions related to the Covid-19 pandemic.
Wynn Palace’s casino revenues dropped by 62.3 per cent year-on-year to US$255.9m, and Wynn Macau experienced a 54.6 per cent year-on-year decrease to US$216.6m. Adjusted property EBITDAR for Wynn Palace and Wynn Macau decreased by US$188.2m and US$128.3m respectively.
