Wynn Macau reports US$417m revenue for Q1

Wynn’s two Macau properties have reported nearly US$417m in operating revenue for the first quarter of the year.

Macau.- Wynn Resorts’ Macau has reported US$417m in operating revenue for the first quarter of the year.

Wynn Palace reported US$237.3m in operating revenues, down 9 per cent year-on-year from US$259.5m while adjusted property EBITDA was US$27.4m.

Wynn Macau reported US$179.7m in operating revenues, down 21.7 per cent when compared to the same period in 2020. Adjusted Property EBITDA was US$16.6m.

Combined EBITDA was US$43.9m, driven by a premium mass led-recovery.

Matt Maddox, CEO of Wynn Resorts, said: “In Macau, we saw steady gradual improvements in the trend of visits, particularly reinforcing the‘ premium ’segment of the mass market in casinos, as well as in the luxury segment.”

Wynn Palace VIP table game turnover was 4.38 per cent, up from 2.91 per cent in the first quarter of 2020. Wynn Macau VIP table game turnover was 3.25 per cent, down from 4.14 per cent.

During the Labour Day break, Wynn Resorts’ Macau reached a hotel occupancy rate of 93 per cent and generated US$3m of normalised EBITDA per day.

According to Maddox, this was the highest amount of normalised profit the company has generated since the beginning of the Covid-19 pandemic.