The Macau operations of US-based casino giant Wynn Resorts saw operating income reach US$127.1 million in the three months to 30 September 2023, reversing a US$162.7 million loss a year earlier but near identical to the US$127.5 million reported in Q2. Adjusted EBITDAR for the period was 3.6% higher quarter-on-quarter at US$255.0 million.
It was a quarter of mixed results for Wynn Macau Ltd, with Cotai property Wynn Palace booking a substantial increase over the June quarter by peninsula IR Wynn Macau losing some ground.
According to information from the company’s US parent, Wynn Palace saw operating revenues increase by 598% year-on-year and 12.0% quarter-on-quarter to US$524.8 million. Casino revenues of US$418.0 million were mass market driven: Wynn Palace reported win from mass tables of US$402.3 million versus US$98.0 million from VIP and US$22.2 million from slots. Adjusted Property EBITDAR of US$177.0 million was 13.0% higher sequentially.
At Wynn Macau, operating revenues of US$295 million were down from US$301.6 million in Q2, with Adjusted Property EBITDAR of US$77.9 million also down from US$89.6 million in the June 2023 quarter. Casino revenues reached US$230.3 million with mass tables again dominant, generating win of US$228.3 million versus US$42.0 million from VIP and US$16.1 million from slots. Wynn has previously cited a faster flow of customers back to Wynn Palace than to Wynn Macau, with the peninsula property also impacted by recent ongoing upgrades to its mass gaming floor.
With Macau now contributing heavily, Wynn Resorts saw its group-wide operating revenues – including Las Vegas, Encore Boston Harbor and Wynn Interactive, increase by 87.9% year-on-year to US$1.67 billion.
Adjusted Property EBITDAR of US$530.4 million was also up 206% year-on-year, however the company reported a net loss of US$116.7 million for the period.
“Our third quarter results reflect continued strength across our property portfolio,” said Craig Billings, CEO of Wynn Resorts. “Our teams at Wynn Las Vegas and Encore Boston Harbor delivered a new third-quarter record for Adjusted Property EBITDAR at our combined North American properties as we continue to elevate our properties above those of our peers.
“In Macau, the recovery continued to progress during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses.”
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