Casino operator Wynn Macau Ltd reported fourth-quarter operating income of just over US$160.8 million, a 5.3 percent decline from a year earlier. The result was up 12.1 percent sequentially, according to a Friday filing with the Hong Kong Stock Exchange.
Adjusted property earnings before interest, taxation, depreciation, amortisation, and rents (EBITDAR) for the three months to December 31 stood at nearly US$292.8 million, down 1.4 percent year-on-year and a rise of 11.4 percent from the preceding quarter.
Wynn Macau Ltd operates the resorts Wynn Macau (pictured), on the Macau peninsula, and Wynn Palace in the city’s Cotai district. The company is controlled by the U.S.-based casino firm Wynn Resorts Ltd.
On a property basis, Wynn Macau recorded operating revenue of US$363.7 million in the fourth quarter of 2024, down from US$386.2 million a year ago. The property’s adjusted EBITDAR stood at US$108.2 million, compared to US$125.8 million for the fourth quarter of 2023.
The Wynn Macau resort recorded operating casino revenue of US$306.5 million for the three months ended December 31, 2024, down 4.4 percent year-on-year.
Wynn Palace saw fourth-quarter operating revenue increase by 7.3 percent year-on-year to US$562.9 million. Adjusted EBITDAR for the property stood at US$184.6 million, up 7.9 percent from a year ago. The complex recorded operating casino revenue of just above US$458.8 million for the quarter, up 10.0 percent year-on-year.
“We… drove healthy market share in Macau, led by strength in both premium mass and VIP,” said Wynn Resorts’ chief executive, Craig Billings, in prepared remarks accompanying the group’s fourth-quarter results.
Wynn Macau Ltd’s fourth-quarter adjusted EBITDA was in line with banking group Jefferies’ estimates, while higher than market consensus, wrote analysts Anne Ling and Jingjue Pei in a Thursday memo.
The analysts noted that the company’s management had mentioned, during a conference call post the results announcement, that Macau’s market remained “competitive but stable”, with Wynn Macau Ltd’s focus being on “EBITDA and margin”, rather than “market share”.
In a separate presentation deck, the casino operator said capital expenditure in Macau this year would be in the range of US$250 million to US$300 million, subject to government approvals for the relevant projects. For 2026, capital expenditure was estimated at between US$450 million and US$500 million.
The figures cover several investments at Wynn Palace, including a new food hall, an event and entertainment centre, as well as a theatre and resident show.
For full-year 2024, Wynn Macau Ltd’s operating income grew by 44.4 percent from the previous year to just under US$672.3 million. That was on adjusted EBITDAR that rose by 23.2 percent year-on-year to just under US$1.18 billion.
Parent company Wynn Resorts reported group-wide net income of US$277.0 million for the three months to December 31, 2024, on operating revenue that was flat at US$1.84 billion.
For full-year 2024, Wynn Resorts’ net income fell 31.3 percent year-on-year to US$501.1 million, despite operating revenue growth of 9.1 percent, to nearly US$7.13 billion.
