Wynn Macau reports US$181m net loss for Q4
Wynn Palace on the Cotai Strip recorded a loss of US$105.94m in the quarter.
Macau.- Wynn Macau Ltd has shared its financial results for the fourth quarter of the year 2022. It’s reported MOP1.46bn ($181.13m) in net losses, mainly attributed to the Wynn Palace property on the Cotai Strip, which recorded a loss of US$105.94m in the quarter.
Operating revenues for Wynn Palace were US$113.1m, a decrease of US$80.9m compared to the fourth quarter of 2021, which saw revenues of US$194m. Revenue from the casino decreased 52.8 per cent year-on-year to US$68.91m, with VIP segment turnover falling 11.9 per cent to US$1.04bn and VIP table games winnings falling 96.4 per cent to US$1.11m.
Adjusted property EBITDAR was US$23.9m during the period, up from US$1.4m in the same period in 2021. The mass market table games win fell 35.2 per cent to US$86.93m, while the slot machine win dropped 38.9 per cent to US$8.3m.
Wynn Macau’s operating revenues were US$77.2m, a decrease of US$54.5m compared to the fourth quarter of 2021, which saw revenues of US$131.7m. Wynn Macau’s casino revenues decreased by 47.2 per cent to US$51.41m, while VIP turnover decreased by 49.9 per cent to US$429.57m and VIP table game wins decreased by 79.6 per cent to US$5.13m.
Adjusted Property EBITDAR for Wynn Macau was US$35.2m, compared to US$24.5m in the same quarter of the previous year. The mass table games win decreased by 40.2 per cent to US$54.7m, while the slot machine win increased by 13.9 per cent to US$7.9m.
During the Q4 conference call, Craig Billings, CEO of Wynn Resorts, said: “In Macau, we were honoured to be awarded with a new 10-year gaming concession during the quarter and were pleased to experience a meaningful return of visitation and demand during the recent Chinese New Year holiday period. We believe we are well-positioned for success in Macau’s next phase of growth.”
