Casino operator Wynn Macau Ltd reported first-quarter operating revenue of just under US$865.89 million, a 13.3-percent decline from a year earlier, according to a Tuesday filing by U.S.-listed parent Wynn Resorts Ltd.
In a follow-up earnings call with investment analysts, group chief executive Craig Billings acknowledged the Wynn brand could be interested in joining a fresh round of bids for casino resorts in Japan, but only “if the setup was right”.
According to media reports, Japan’s national government aims to start this year a fresh process round for integrated resorts (IRs) with casinos, with the hope of approving “by December 2027” as many as two new locations to supplement the under-development MGM Osaka scheme.
GGRAsia had reported in March – based on multiple sources, most of them asking not to be named – that the new application process proper might start in 2026.
In his Tuesday comments, Mr Billings said the Wynn group would “always look at any gateway city where meaningful capital can be deployed and we think the Wynn brand resonates. So, Japan fits that bill.”
The executive however noted there were “structural challenges” in the way casino licensing and ownership matters have been outlined in Japan.
“Would we look at [a fresh IR bidding process in Japan]? Of course, but the setup has to be right for us,” he said. “We have plenty of development opportunities. We have a land bank in the United Arab Emirates, we have a land bank in Boston, we have a land bank in Las Vegas,” he added, referring first to its Encore Boston Harbor property in Massachussets, and secondly to its base in Nevada in the United States.
Mr Billings also mentioned Thailand – currently mulling casino legalisation – as another potential business opportunity. “The bill there has been delayed and there’s some components of the bill that probably won’t work if they stay in the bill.,” he said. “But it’s an amazing potential market with unbelievable airlift, infrastructure, tourism, etcetera.”
In 2020, Matt Maddox, then chief executive of Wynn Resorts, said the firm was “pretty much ceasing” its efforts in Japan regarding pursuit of a casino project there. His comments came shortly after it emerged the group had closed its office in Yokohama.
Revenue, EBITDA down in Macau
Wynn Macau Ltd’s adjusted property earnings before interest, taxation, depreciation, amortisation, and rents (EBITDAR) for the three months to March 31 stood at nearly US$252.1 million, down 25.8 percent year-on-year, according to Tuesday’s announcement.
Operating income stood at US$127.1 million for the opening three months of 2025. That was a 38.3 percent decline from a year earlier.
Wynn Macau Ltd operates the resorts Wynn Macau, on the Macau peninsula, and Wynn Palace (pictured) in the city’s Cotai district.
On a property basis, Wynn Macau recorded operating revenue of US$330.0 million in the first quarter of 2025, down from US$411.7 million a year ago. The property’s adjusted EBITDAR stood at US$90.2 million, compared to US$137.2 million for the first quarter of 2024.
The Wynn Macau resort recorded operating casino revenue of US$275.6 million for the three months ended March 31, 2025, down 20.4 percent year-on-year.
Wynn Palace saw first-quarter operating revenue decrease by 8.7 percent year-on-year to US$535.9 million. Adjusted EBITDAR for the property stood at US$161.9 million, down 20.0 percent from a year ago. The complex recorded operating casino revenue of just above US$444.5 million for the quarter, down 6.2 percent year-on-year.
“In Macau, while VIP hold negatively impacted results, we held market share in our expected range, and announced an increased dividend from Wynn Macau Ltd.” said Mr Billings in prepared remarks accompanying the group’s first-quarter results.
The latter was a reference to a March announcement by Wynn Macau Ltd that it was proposing a final dividend for 2024 amounting to HKD0.185 (US$0.0244) per share.
The Wynn casino group also reaffirmed on Tuesday that 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.
The figures cover several investments at Wynn Palace, including an event and entertainment centre, as well as a theatre and resident show.
During Tuesday’s earnings call, Mr Billings talked about the impact in operations of the recently-opened “Gourmet Pavilion” food hall at Wynn Palace.
“Since opening the Gourmet Pavilion, we have seen about 2,400 incremental daily restaurant covers at Wynn Palace,” Mr Billings said. He added that was a “strong indicator of additional visitation to the property.”
In his comments, Mr Billings discussed the impact on Wynn group of the plan by the U.S. government of implementing tariffs on imports from a number of countries. He admitted some capital expenditures projects in the U.S. could be delayed due to increased development costs. The Wynn CEO however did not expecte “any spillover effects outside of the U.S.,” namely in the Macau operations and its ongoing development of the Wynn Al Marjan Island casino resort in Ras Al Khaimah, in the United Arab Emirates.
Parent company Wynn Resorts reported group-wide net income of US$72.7 million for the three months to March 31, 2025, down by 49.6 percent year-on-year. That was on operating revenue that decreased by US$162.5 million year-on-year, to US$1.70 billion for the first quarter of 2025.
