Macau casino operator Wynn Macau Ltd announced on Friday a final dividend of HKD0.223 (US$0.028) per share for the year ended December 31, 2025. That compared with a final dividend of HKD0.185 per share paid for full-year 2024.
The firm said it expects to pay the 2025 dividend – which is subject to shareholders’ approval – on June 16, 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 September, Wynn Macau Ltd paid a dividend of HKD0.185 per share – amounting to HKD972.5 million in aggregate – in respect of the six months to June 30, 2025.
The Macau unit reported a net profit attributable to its owners of nearly HKD1.63 billion for full-year 2025, compared to a HKD3.20-billion profit in 2024. That was on operating revenues of about HKD28.99 billion, up 0.9 percent from a year ago.
Wynn Macau Ltd recorded 2025 adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) of HKD7.48 billion, compared with HKD8.21 billion a year earlier.
Banking group JP Morgan stated in a Friday note that Wynn Macau Ltd “dropped a dividend surprise”, with the final dividend for 2025 representing “a 20-percent beat versus the base case”.
“The full-year yield lands at 7.7 percent for financial-year 2025 (HKD0.185 + HKD0.223), but there is probably more to this, in our view,” wrote analysts DS Kim, Selina Li and Lindsey Qian.
The analysts stated: “While Wynn does not have a formal dividend policy, management anchors dividend per share in absolute terms, versus the payout ratio, which was 132 percent in financial-year 2025).”
They added: “So, we believe we could see a HKD0.446 per annum dividend per share (run-rating second-half 2025) going forward, which would translate into an impressive 8.4-percent yield and be the highest among listed casinos globally, per our analysis.”
In February, the Wynn group said capital expenditure in Macau in 2026 would be in the range of US$400 million to US$450 million, subject to Macau government approvals for the relevant projects. For 2027, capital expenditure is estimated at between US$425 million and US$475 million.
The figures cover several investments at the two Macau properties, including an event and entertainment centre, and a theatre and resident show at Wynn Palace.
(Updated 8.55pm, March 22)
