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Wynn Macau Ltd loss wider in 1Q, revenue dips 28pct

May 11, 2022 Newsdesk Latest News, Macau, Top of the deck  


Wynn Macau Ltd loss wider in 1Q, revenue dips 28pct

Casino operator Wynn Macau Ltd saw its quarterly loss widen to US$188.5 million in the three months to March 31, compared to a loss amounting to US$161.2 million in the prior-year quarter.

That was on operating revenues that fell 28.4 percent year-on-year, to US$298.4 million.

Wynn Macau Ltd runs the Wynn Macau gaming resort (pictured) on the city’s peninsula, and Wynn Palace, in the Cotai district.

Hong Kong-listed Wynn Macau Ltd reports under International Financial Reporting Standards.

Its parent, United States-listed Wynn Resorts Ltd, reports under Generally-Accepted Accounting Principles.

The parent said that at Wynn Palace, operating revenues were US$163.3 million for the first quarter of 2022, a decrease of US$74.0 million.

Adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) from Wynn Palace were a negative US$0.9 million for the first quarter, compared to a positive US$27.4 million for the first quarter of 2021.

Wynn Macau Ltd’s first-quarter results were “better than expected”, with total EBITDA of “approximately negative US$6 million,  versus consensus of negative US$25 million and our estimates of  negative US$17 million,” wrote analysts Vitaly Umansky, Louis Li and Shirley Yang, at brokerage Sanford C. Bernstein Ltd.

First-quarter 2022 was a second recent “EBITDA-negative quarter, and we expect this trend to continue into the second quarter 2022, unless China relaxes its zero-Covid policy,” wrote analyst Andrew Lee, of Jefferies Hong Kong Ltd in a Wednesday note, referring to restrictions on inbound tourism to Macau due to Covid-19 outbreaks on the Chinese mainland.

But Mr Lee suggested the situation was “unlikely to change in the near-term,” with management at Wynn Macau Ltd focusing on a “prudent capital-expenditure and cost approach”.

First-quarter VIP turnover at Wynn Palace fell 56.1 percent year-on-year, to US965.6 million.

Mass-market table drop at Wynn Palace dipped 12.5 percent, to US$531.9 million.

Operating revenues from Wynn Macau were US$135.1 million for the first quarter, a decrease of US$44.6 million from the first quarter of 2021.

Wynn Macau’s adjusted property EBITDA was negative by US$4.7 million for the first quarter, compared to a positive US$16.6 million for the first quarter of 2021.

VIP turnover at Wynn Macau fell 50.8 percent year-on-year, to US$887.1 million.

Mass-market table drop at Wynn Macau went down 20.6 percent, to US$469.1 million.

The U.S. parent group’s cash and cash equivalents as of March 31 were US$2.32 billion, consisting of approximately US$1.29 billion held by Wynn Macau Ltd; approximately US$388.5 million held by Wynn Resorts Finance Ltd excluding Wynn Macau Ltd; and approximately US$641.6 million at corporate or other level.

(Updated May 11, 10.30am)


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