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Wynn Macau is back to making a profit

The concessionaire says its mass gaming, luxury retail and hotel businesses all show strength in Macao.

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The concessionaire says its mass gaming, luxury retail and hotel businesses all show strength in Macao.

ARTICLE BY

PUBLISHED

READING TIME

Less than 1 minute Minutes

Wynn Resorts’ two Macao-based operations reported a US$127.5 million consolidated income for the second quarter of 2023 – a 171 percent increase over the first three months of the year, according to the company’s latest unaudited results.

In the second quarter of 2022, Wynn Macau Ltd reported a US$181.2 million loss.

The gaming operator’s Cotai property, Wynn Palace, reported operating revenues of US$468.4 million (US$365.3 million from its casino). This was a 1,243 percent year-on-year jump, understandable given Macao was still enforcing pandemic-related restrictions throughout 2022.

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Adjusted Property EBITDAR for Wynn Palace was US$156.6 million, up from a US$50 million loss in the same period last year.

Wynn Macau, the peninsular property, reported operating revenues of US$301.6 million (US$243 million from its casino) – a year-on-year increase of 508 percent. Its Adjusted Property EBITDAR was US$89.6 million, reversing a US$40.4 million loss in the second quarter of 2022.

“Our second quarter results reflect continued strength in North America and Macao,” said Craig Billings, CEO of Wynn Resorts. 

“In Macao, the post-Covid recovery accelerated during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses.”

 

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