Wynn Resorts Q2 misses mark amidst weak Macau VIP hold
A lower-than-expected VIP hold led to flat revenue in Macau.
Macau.- Wynn Resorts, the operator of Wynn Palace in Cotai and Wynn Macau on the peninsula, reported Macau operating revenue of US$883.5m for the three months to June 30. The figure was flat year-on-year. Adjusted EBITDAR fell 9.5 per cent to US$253m, missing market forecasts.
Wynn Palace revenue was down 1.5 per cent to US$539m amid a weaker than expected VIP hold. EBITDAR down 14.8 per cent to US$157.2m. At Wynn Macau, revenue rose 1.9 per cent to US$343.8m, while EBITDAR was flat at US$96.5m.
Wynn’s overall revenue totalled US$1.74bn, with adjusted earnings of US$1.09 per share versus the US$1.21 consensus. Net income reached US$66.2m.
CEO Craig Billings said the company maintained “healthy market share and significant free cash flow,” supporting continued investment in Macau properties. The company declared a US$0.25 per share dividend.
Billings also highlighted progress on the Wynn Al Marjan Island integrated resort in the UAE, noting structural milestones and new partnerships with high-profile food, beverage, and retail brands.
