Macau casino operator Wynn Macau Ltd announced on Thursday an interim dividend of HKD0.21 (US$0.0268) per share. The firm said it expects to pay the dividend on September 15 to shareholders whose names appear on the register of members on September 6.
Wynn Macau Ltd operates the Wynn Macau property on Macau peninsula, and Wynn Palace (pictured), a property that opened in Macau’s Cotai district in August last year.
On Thursday, the company reported a net profit of HKD1.59 billion for the six months to June 30, up 39.5 percent from a year earlier. Net revenues for the period increased by 1.9 percent year-on-year to HKD16.79 billion. Wynn Macau Ltd said the increase was “primarily due to the opening of Wynn Palace on 22 August 2016 and an increase from Wynn Macau driven by higher VIP gaming volumes”.
The firm’s second quarter results had already been partially announced in July by its parent company, U.S.-based Wynn Resorts Ltd. The results of the Macau unit helped Wynn Resorts deliver second-quarter revenue that topped analysts’ estimates.
Brokerage Deutsche Bank Securities Inc said in a Tuesday note that it was upgrading the stock of Wynn Resorts to ‘buy’ from ‘hold’ based on what it said was the improved performance of the two properties operated by the Macau unit.
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”Many investors cite Golden Week as a catalyst to significant, sustainable visitation increases and a showcase for profitability for many casinos [in Macau]... However… we are concerned recovery estimates may again be pushed back”
Analyst at Roth Capital Partners