The Macau operations of US-based casino giant Wynn Resorts Ltd reported total operating revenues of US$871.7 million in the three months to 30 September 2024, up 6.3% year-on-year but down 1.5% compared with the June quarter.
Adjusted Property EBITDAR also fell by 6.2% quarter-on-quarter to US$262.9 million, with Cotai integrated resort Wynn Palace losing some ground against the June 2024 quarter.
According to details released by the company early Tuesday (Asia time), total operating revenues at Wynn Palace fell by 0.9% year-on-year and 5.1% quarter-on-quarter to US$519.8 million, with casino revenues of US$418.0 million staying flat compared with the same period in 2023. Adjusted Property EBITDAR of US$162.3 million was down 8.3% year-on-year.
By comparison, peninsula property reported operating revenues of US$352.0 million in 3Q24, up 19.3% year-on-year and 4.4% sequentially. The result included casino revenues of US$296.8 million, up 28.9% year-on-year, while Adjusted Property EBITDAR of US$100.6 million was 29.1% higher year-on-year and 4.9% higher sequentially.
Wynn Resorts CEO Craig Billings said the results “reflect healthy demand across our resorts highlighted by strong mass gaming win in Macau” – adding during the company’s earnings call that combined mass and table win had grown by 10% year-on-year.
The peninsula IR, he added, was showing the benefits of recent upgrades to its offerings in the F&B space, identified previously as areas that could do with some improvement.
“We are focusing on the things that we are raally good at and that drive market share, and we have executed those over the past year,” he said.
Billings did, however, note that the competitive environment in Macau remains intense, with Wynn focusing its efforts on maximising EBITDA over gaining market share.
Asked about its margins for the quarter – which at 30.2% were up some 210bps compared with the same period in 2019 – Billings noted that Q3 was “unique”.
“Our market share was stable sequentially, but GGR was down because the market GGR was down quarter-over-quarter,” he said. “We also had higher VIP commissions in the quarter because VIP turnover was up, even though VIP GGR was flat.
“In Macau it really comes down to the competitive nature of the market there and market share versus EBITDA heading into 2025, but we feel good.”
Group-wide, Wynn Resorts Ltd reported operating revenues of US$1.69 billion in 3Q24, slightly up from US$1.67 billion a year earlier, while net loss of US$32,1 million compared with a loss of US$116.7 million a year ago.
Adjusted Property EBITDAR was US$527.7 million, slightly down year-on-year and 7.7% lower than in the June 2024 quarter.
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