The Macau operations of US-based casino giant Wynn Resorts Ltd reported total operating revenues of US$998.6 million in the three months to 31 March 2024, up 66.4% year-on-year and 9.7% higher than the December 2023 quarter.
Adjusted Property EBITDAR also grew by 14.3% quarter-on-quarter to US$339.6 million, with peninsula property Wynn Macau enjoying a particularly strong recovery after being weighed down throughout 2023 by various upgrade works.
According to details released by the company early Wednesday (Asia time), the peninsula property reported operating revenues of US$411.7 million in 1Q24, up 78.5% year-on-year, including a 96.4% increase in casino revenues. The result included mass table games win of US$326.3 million, VIP table games win of US$53.9 million and slots win of US$26.2 million.
Adjusted Property EBITDA climbed by 207% year-on-year to US$137.2 million with hotel occupancy at 99.4% for the quarter.
At Wynn Palace in Cotai, operating revenue increased by 58.9% year-on-year to US$586.9 million including casino revenue of US$473.8 million, up 75.0%. By segment, mass table games win reached US$437.3 million, VIP table games win US$129.4 million and slots win US$31.0 million. Hotel occupancy was 98.8%.
The continued recovery of Wynn’s Macau operations saw parent Wynn Resorts record a 30.9% year-on-year increase in group-wide operating revenues to US$1.86 billion, also slightly higher sequentially.
Net income of US$144.2 million compared with income of just US$12.3 million a year earlier and US$169.8 million in 4Q23.
Adjusted Property EBITDAR in Q1 was US$646.5 million, up 50.5% year-on-year and 2.6% quarter-on-quarter.
“The strong momentum we experienced in our business throughout 2023 continued to build during the first quarter with Adjusted Property EBITDAR reaching a new all-time record,” said Wynn Resort CEO, Craig Billings.
“The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets.
“We are excited about the outlook for the company, and we believe we are well positioned to deliver continued long-term growth.”
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