The Macau operations of US-based casino giant Wynn Resorts Ltd reported total operating revenues of US$885.3 million in the three months to 30 June 2024, up 15.0% year-on-year but down 11.3% compared with the March quarter.
Adjusted Property EBITDAR also fell by 17.4% quarter-on-quarter to US$280.4 million, primarily due to a subdued performance from peninsula property Wynn Macau.
According to details released by the company early Wednesday (Asia time), the peninsula property reported operating revenues of US$337.3 million in 2Q24, up 11.8% year-on-year but down 18.0% sequentially. The result included mass table games win of US$280.8 million, VIP table games win of US$25.2 million and slots win of US$26.0 million. Adjusted Property EBITDAR was US$95.9 million.
At Cotai’s Wynn Palace, operating revenue increased by 17.0% year-on-year to US$548.0 million – down 6.6% quarter-on-quarter – Including casino revenue of US$445.0 million, up 21.8% year-on-year. By segment, mass table games win reached US$409.4 million, VIP table games win US$115.3 million and slots win US$25.6 million. Hotel occupancy was 98.9%.
In its 2Q24 earnings call, Wynn said the company had lost some market share for the quarter, impacted by low hold in the mass segment for the quarter and “discipline” in its player reinvestment policy amid a famously competitive promotional environment. It added that high hold at Wynn Palace had been offset by low hold at Wynn Macau, with the company suffering an overall negative EBITDAR impact of around US$3 million.
While Macau’s results were subdued, parent Wynn Resorts recorded an 8.6% year-on-year increase in group-wide operating revenues to US$1.73 billion, with an all-time record second quarter Adjusted Property EBITDAR result of US$571.7 million.
Net income of US$111.9 million compared with income of just US$105.2 million a year earlier and US$144.2 million in 1Q24.
“Our second quarter results, including a new second quarter record for Adjusted Property EBITDAR, reflect continued strength throughout our business,” said Wynn Resorts CEO Craig Billings. “I am incredibly proud of our teams in Las Vegas, Macau and Boston.”
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