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Wynn profits dip in Macao amid VIP win volatility, company says

Wynn Resorts’ first-quarter earnings reveal a downturn in its Macao operations, driven by lower-than-expected VIP gaming results, despite holding market share
  • Amid financial fluctuations, Wynn says it remains committed to shareholder dividends and expansion projects, while acknowledging challenges faced at its Macao properties

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UPDATED: 07 May 2025, 12:05 pm

Wynn Resorts has reported a decline in first-quarter earnings for its Macao operations, citing volatility in VIP gaming wins as a primary factor. 

Operating revenues from Wynn Palace reached US$535.9 million, a decrease of US$51 million compared to the same period in 2024, Wynn reported in a press release. Adjusted property earnings before interest, taxes, depreciation, amortisation and restructuring or rent costs (EBITDAR) from Wynn Palace stood at US$161.9 million, down from US$202.4 million the previous year. The mass market table games win percentage slightly increased to 24.8 percent, while VIP table games win as a percentage of turnover was 2.61 percent, falling below the property’s expected range of 3.1 to 3.4 percent, Wynn said.

Similarly, Wynn Macau saw operating revenues of US$330 million, marking a decrease of US$81.8 million from 2024, as per the company’s statement. Adjusted property EBITDAR for Wynn Macau was US$90.2 million, compared to US$137.2 million in the first quarter of the previous year. The mass market table games win percentage also fell, reaching 18.7 percent. 

The VIP table games win percentage was significantly below expectations, at 1.09 percent, also outside the anticipated range of 3.1 to 3.4 percent, according to the company.

Reuters reported that Wynn Resorts posted first-quarter results that missed Wall Street estimates “owing to sluggish business across its luxury resorts.” The news agency noted an 8.7 percent revenue fall at Wynn Palace and a 19.9 percent fall in revenue at Wynn Macau. Reuters attributed Wynn’s performance in the SAR to “high-stakes gamblers winning more than usual, causing lower earnings from its VIP casino operations.”

[See more: Macao casino action heats up during May Day holiday period]

Despite these challenges, Craig Billings, CEO of Wynn Resorts, Limited, stated that in Macao “while VIP hold negatively impacted results, we held market share in our expected range.” Billings added that Wynn Macau, Limited had announced an increased dividend, “reflecting the strong free cash flow generated by the business.” In addition, Wynn’s press release mentioned that the company’s board has declared a cash dividend of US$0.25 per share, payable on 30 May.

Consolidated results for Wynn Resorts meanwhile showed operating revenues of US$1.70 billion for the first quarter of 2025, a decrease of US$162.5 million from US$1.86 billion in the first quarter of 2024, as per the company. 

Net income attributable to Wynn Resorts, Limited was US$72.7 million, compared to US$144.2 million the previous year. Reuters reported that Wynn Resorts’ total operating revenue of US$1.70 billion fell below analysts’ average estimate of US$1.74 billion. The news agency also noted the company reported an adjusted profit of US$1.07 per share, which also came below Wall Street expectations of US$1.19 per share.

This article was drafted by AI before being reviewed by an editor

UPDATED: 07 May 2025, 12:05 pm

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