Wynn Macau Ltd declares interim dividend

Aug 16, 2024 Newsdesk Latest News, Macau, Top of the deck  

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Macau casino operator Wynn Macau Ltd announced on Thursday an interim dividend of HKD0.075 (US$0.01) per share. The firm said it expects to pay the dividend on September 12, according to a filing to the Hong Kong Stock Exchange.

Wynn Macau Ltd operates the Wynn Palace resort on Cotai, and also runs the Wynn Macau resort (pictured) on the city’s peninsula. The company is a unit of U.S.-based casino developer Wynn Resorts Ltd.

The Macau unit reported a net profit attributable to the owners of HKD1.59 billion for the first six months of 2024, compared to a HKD87.5-million profit in the prior-year period.

Wynn Macau Ltd recorded first-half adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) of HKD4.35 billion, up 57.5 percent from a year earlier.

That was on operating revenues that rose by 37.2 percent year-on-year, to HKD14.73 billion in the first half of 2024. Casino revenue for the period stood at just under HKD12.09 billion, a 46.2-percent increase from a year ago.

Wynn Macau Ltd said in May that its board had approved amendments to the company’s dividend policy. According to the amended dividend policy, the firm’s board is to “meet semi-annually to consider the declaration of dividends”.

The casino operator resumed this year a dividend payment, announcing in March a 2023 final dividend of HKD0.075 per share.

Wynn Macau Ltd reported operating revenues of US$885.3 million for the second quarter, down 11.3 percent from the preceding quarter. The company said its second-quarter results were negatively impacted by a “slightly lower market share” and a “slightly lower mass hold quarter-over-quarter”.

Earlier this month, JP Morgan Securities (Asia Pacific) Ltd cut by 5.2 percent – to just under HKD8.32 billion – its 2024 adjusted EBITDA forecast for Wynn Macau Ltd, citing “rising uncertainty” around China consumption trends.

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