Macau casino operator Wynn Macau Ltd reported operating revenues of US$1.00 billion in the three months to September 30, a 14.8-percent increase from a year earlier, according to a Thursday filing from the parent, U.S.-based Wynn Resorts Ltd.
The group operates the Wynn Palace resort on Cotai, and also runs the Wynn Macau resort (pictured) on the city’s peninsula.
Wynn Macau Ltd recorded third-quarter adjusted earnings before interest, taxation, depreciation, amortisation, and rent (EBITDAR) of nearly US$308.3 million, 17.3-percent higher than in the prior-year period.
“Our third quarter results were marked by impressive EBITDA growth in Macau, and continued outperformance in Las Vegas,” said Craig Billings, the group’s chief executive, in prepared remarks.
“In Macau, we achieved healthy market share and saw a significant increase in mass table drop year-over-year,” he added. “In Las Vegas, the team delivered another quarter of year-over-year EBITDA growth and continued to take gaming market share.”
Total casino revenues in Macau stood at US$856.9 million in the three months to September 30, a 19.9-percent increase from US$714.8 million in the prior-year period.
The group’s mass table drop in Macau stood at US$3.69 billion in the third quarter, up 15.0 percent from a year ago.
On a property basis in the Macau market, operating revenues from Wynn Palace rose 22.3 percent year-on-year, to US$635.5 million. The property’s adjusted EBITDAR amounted to US$200.3 million, up 23.4 percent from a year earlier.
VIP revenue at the complex rose 56.7 percent year-on-year, to US$152.5 million in the July to September period. “VIP table games win as a percentage of turnover was 4.68 percent, above the property’s expected range of 3.1 percent to 3.4 percent and above the 3.04 percent experienced in the third quarter of 2024,” stated the casino operator.
The Wynn Macau property recorded operating revenues of US$365.5 million, up 3.8 percent from a year ago. The complex produced adjusted EBITDAR of US$108.0 million, a 7.4-percent increase from the prior-year period.
Wynn Macau Ltd’s third quarter was “a job well done,” said a Friday note from JP Morgan Securities (Asia Pacific) Ltd.
The firm “delivered” during the period, “comfortably meeting the elevated expectations of the market, for both its market share – plus 120 basis points to 13 percent – and EBITDA, plus 22 percent quarter-on-quarter to US$308 million, or plus 7 percent quarter-on-quarter luck-adjusted,” wrote analysts DS Kim, Selina Li, and Lindsey Qian.
They added that “to our surprise”, Wynn Macau Ltd’s “reinvestment rates – as calculated by contra revenue account – seem to have edged down across properties and segments, which offset the impact from operating expenditure hike – plus 3 percent quarter-on-quarter and plus 8 percent year-on-year – and drove the margin expansion on a reported basis, plus 210 basis points quarter-on-quarter to 30.8 percent, albeit helped by favourable luck this quarter.”
On Thursday, Wynn Resorts Ltd, the United States-based parent, reported net income of US$88.3 million for the third quarter of 2025, on operating revenues that grew 8.3 percent year-on-year, to US$1.83 billion.
Adjusted property EBITDAR for the parent was US$570.1 million in the three months to September 30, compared to US$527.7 million a year ago.
Wynn Resorts declared a cash dividend of US$0.25 per share, payable on November 17.
The parent said that during the reporting period it contributed US$93.9 million of cash to the 40-percent-owned joint venture that is constructing the Wynn Al Marjan Island development in the United Arab Emirates (UAE), “bringing our life-to-date cash contributions to the project to US$835.0 million”.
In his remarks, Mr Billings said the company “made significant progress on the completion of Wynn Al Marjan Island, where we are now pouring concrete for the remaining few floors of the 70-story tower”. The complex is currently expected to open in 2027.
