Wynn Resorts’ Macao-based operations reported operating revenue of US$885.3 million in the second quarter of this year, up 15 percent year-on-year. However, combined revenues from the two properties were down 11.3 percent compared with the first quarter.
Wynn Palace and Wynn Macau’s combined adjusted property earnings before interest, taxes, depreciation, amortisation and restructuring (EBITDAR) was US$280.4 million, a quarterly tumble of 17.4 percent.
The concessionaire’s Cotai property saw its operating revenue increase by 17 percent year-on-year – reaching US$548.0 million (down 6.6 percent compared with the first quarter). Wynn Palace’s adjusted property EBITDAR came in at US$184.5 million for the second quarter of 2024, compared to US$156.6 million a year ago.
[See more: Macao’s 2024 gross gaming revenue will hit US$29 billion: Goldman Sachs]
Wynn Macau’s operating revenues hit US$337.3 million for the second quarter of 2024, up 11.8 percent year-on-year but down 18 percent sequentially. Its adjusted Property EBITDAR was $95.9 million for the quarter, up from $89.6 million in 2023.
In this morning’s earnings call, Wynn noted that its market share in Macao had slipped during the quarter. It put that down to a low hold in the mass segment and “discipline” in its player reinvestment policy amid a highly competitive promotional environment, Inside Asia Gaming reported.
The company also announced it acquired land on the UAE’s Al Marjan Island during the second quarter, and invested US$356.5 million into developing a 40 percent-owned joint venture integrated resort there – expected to open in 2027.
