The board of Wynn Macau Ltd has opted not to pay a dividend for the year ended 31 December 2019 in order to better safeguard against the challenges currently facing the company as a result of the COVID-19 impact.
Publishing its FY19 financial results overnight, Wynn Macau Ltd, which operates Wynn Palace in Cotai and Wynn Macau on the peninsula, said the board had deliberated over whether to pay a dividend but decided against it, stating, “During this unprecedented COVID-19 crisis, the Board’s primary focus is on safeguarding its Macau operations and most importantly the well-being of its over 13,000 employees.
“The Board will be continuously monitoring the situation and market conditions in Macau and Greater China and may consider a special dividend in the future when such conditions have stabilized.”
The decision also follows a 19.0% decline in net profit in 2019 to HK$5.06 billion on lower operating revenues. Total operating revenues decreased by 8.7%, from HK$39.59 billion to HK$36.16 billion, primarily due to a decrease in VIP table games win, the company said, partially offset by an increase in mass market table games win at both Wynn Palace and Wynn Macau. Casino revenues fell 9.5% to HK$30.85 billion.
By segment, VIP table games win fell 24.9% to HK$20.39 billion in 2019 on the back of a 31.6% decline in turnover to HK$637.06 billion.
Mass market table games win increased by 5.9% to HK$18.43 billion while slot machine revenue remained flat at HK$2.87 billion.
Adjusted EBITDA fell 11.2% to HK$9.57 billion.