Macau casino operator Wynn Macau Ltd announced on Wednesday an interim dividend of HKD0.185 (US$0.024) per share. The firm said it expects to pay the dividend on September 17, 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.
In June, Wynn Macau Ltd paid a dividend of HKD0.185 per share – amounting to HKD972.5 million in aggregate – in respect of the year ended December 31, 2024.
The Macau unit reported a net profit attributable to the owners of HKD230.6 million for the first six months of 2025, compared to a HKD1.59-billion profit in the prior-year period. That was on operating revenues of about HKD13.63 billion, down 7.5 percent from a year ago.
Wynn Macau Ltd recorded first-half adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) of HKD3.47 billion, down 20.4 percent from a year earlier.
For the three months to June 30, the group’s management said VIP hold had “negatively impacted” its results in Macau, with second-quarter EBITDA down 9.5 percent year-on-year.
Citigroup said in a Wednesday memo that Wynn Macau Ltd “surprised” with the announcement of a HKD0.185 per share dividend.
“We believe the board’s decision to keep the first-half 2025 dividend per share unchanged versus second-half 2024 implies that Wynn Macau’s free cash flow is expected to support this level of dividends in a sustainable manner,” suggested the institution.
It added: “In our view, Wynn Macau is effectively setting a progressive dividend policy, so we assume second-half 2025 dividend per share to stay at HKD0.185, irrespective of our second-half 2025 earnings per share forecast.”
According to Citi’s note, this would imply a financial year 2025 dividend payments of “circa US$250 million, which matches the upper range of Wynn Macau’s estimated project capex of US$200 million to US$250 million in the same year”.
The bank observed that its dividend per share forecast for Wynn Macau Ltd implied a “sector-high dividend yield” of about 5.6 percent. “But we remain concerned about Wynn Macau’s potential market share loss in the near term,” it added.
Management at the Wynn group said earlier this month that the Macau unit is spending up to US$250 million this year on concession-related investment commitments made to the local government, including upgrades to the hotel tower at Wynn Macau and on its Wynn Palace resort on Cotai.
On Tuesday, Wynn Macau Ltd issued US$1.0 billion in aggregate principal amount of 6.750-percent senior notes, due in 2034.
JP Morgan Securities (Asia Pacific) Ltd observed in a Wednesday note that Wynn Macau Ltd was now “the highest dividend payer in Macau, yielding 5.6 percent” per year “at the current price”.
“This suggests to us that: Wynn’s (implicit) post-Covid-19 dividend policy is based on absolute dividend per share dollars, reflecting its EBITDA and free cash flow, as opposed to accounting earnings and payout,” noted the brokerage.
It added: “Macau stocks are already paying 4 percent to 6 percent per annum dividend yields this year, but we see substantial room for further hikes in coming years, amidst rising EBITDA – which seems to have inflected positively in second-quarter 2025 – and subsiding de-leveraging pressures.”
