Wynn Macau reports US$47.13m profit for Q1
Wynn Macau registered adjusted property EBITDAR of US$155.8m for the first three months of the year.
Macau.- Wynn Macau Ltd has shared its financial results for the first quarter of the year. It reported a profit of US$47.13m, up from a loss of US$98.26m for the same period last year. The company recorded adjusted property EBITDAR of US$155.8m, reversing a negative US$5.54m in the first quarter of 2022.
Wynn Palace saw revenue of US$369.36m during the period, up 126.2 per cent when compared to last year. The property recorded adjusted property EBITDAR of US$111.05m, compared to a loss of $864,000.
Casino revenue at the property was up 136.6 per cent in year-on-year terms to US$270.68m, while VIP turnover was up by 137.5 per cent at US$2.29bn and the mass table drop 122.2 per cent at US$1.18bn.
Despite VIP table games win as a percentage of turnover being below the expected range at 2.72 per cent, it surpassed the 2.05 per cent registered in the first quarter of 2022. The mass table games win percentage rose to 22.1 per cent.
The Cotai property had 50 VIP gaming tables and 237 mass tables in operation during the period. It recorded 88.1 per cent hotel occupancy, contributing to a 239.2 per cent increase in room revenue.
Meanwhile, Wynn Macau‘s revenue was US$230.72m, up 70.8 per cent year-on-year. Adjusted property EBITDAR was US$44.74m, up from a loss of US$4.68m. Casino revenue at the venue grew by 72.2 per cent to US$176.38m and VIP turnover 29 per cent to US$1.14bn.
The VIP table games percentage win was below both the group’s expectations and that of the first quarter of 2022 at 2.69 per cent. The Macau property had 52 VIP gaming tables and 217 mass-market tables in operation during the period.
Overall, the company posted US$1.42bn in operating revenues. adjusted property EBITDA totalled US$429.74m, as opposed to US$177.58m in the first quarter of 2022.