Wynn Macau updates dividend policy

Wynn Macau has decided to allow semi-annual board meetings for dividend considerations and special dividends.

Macau.- The board of Wynn Macau has approved changes to the company’s dividend policy on Thursday (May 30), effective immediately. The board will now convene semi-annually to consider dividend declarations. It may convene at any time during the year to consider the declaration of special dividends.

Wynn Macau clarified that it does not have a predetermined dividend payout ratio and that when deciding on dividend declaration and payment, the board will consider factors such as the group’s historical financial performance, distributable reserves, past and projected cash flows, liquidity position, as well as capital requirements and spending plans.

In a separate filing, the casino operator announced that its shareholders endorsed the payment of the 2023 final dividend.

The company confirmed the re-election of Linda Chen as an executive director of the board and Craig Billings, the CEO of parent company Wynn Resorts, as an executive director of Wynn Macau.

For the first quarter of the year, Wynn Macau reported operating revenue of US$998.6m, up 9.7 per cent sequentially and up 66.4 per cent when compared to last year. 

The company recorded adjusted earnings before interest, taxation, depreciation, amortisation, and rent (EBITDAR) of US$339.6m, up 14.3 per cent sequentially and 118 per cent from the prior-year period.