Macau casino business Wynn Macau Ltd reported operating revenues of nearly US$883.5 million in the second quarter, flat 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 (pictured) on Cotai, and also runs the Wynn Macau resort on the city’s peninsula.
Wynn Macau Ltd recorded second quarter adjusted earnings before interest, taxation, depreciation, amortisation, and rent (EBITDAR) of about US$253.7 million, 9.5-percent lower from a year earlier.
“In Macau, while VIP hold negatively impacted results, we generated healthy market share and significant free cash flow, supporting our continued investment in the Macau properties and our dividend programme,” said Craig Billings, the group’s chief executive, in prepared remarks.
On a property basis, operating revenues from Wynn Palace fell by 1.5 percent year-on-year, to US$539.6 million. The property’s adjusted EBITDAR amounted to US$157.2 million, down 14.8 percent from a year earlier.
The Wynn Macau resort recorded operating revenues of US$343.8 million, up 1.9 percent from a year ago. The complex produced adjusted EBITDAR of US$96.5 million, flat from a year earlier.
Total casino revenues in Macau stood at US$741.7 million in the three months to June, a 2.2-percent increase from US$725.7 million in the prior-year period.
Morgan Stanley Asia Ltd said in a Thursday note that Wynn Macau Ltd’s property EBITDA “missed” market consensus of US$274 million, although the hold adjusted figure of US$267 million was “closer”.
“Daily operational expenditure is up 6 percent year-on-year – due to the opening of the Gourmet Pavilion [food hall at Wynn Palace] – but generally flat quarter-on-quarter,” wrote analysts Praveen Choudhary, Anson Lee, and Stephen Grambling.
At Wynn Palace, VIP turnover rose by 44.9 percent from a year ago, to US$4.07 billion, but VIP table games win increased by only 1.0 percent year-on-year, to US$116.5 million.
VIP win percentage stood at 2.86 percent at the Cotai complex in the three months to June 30, compared to 4.10 percent a year earlier. It was also below the expected range of 3.1 percent to 3.4 percent.
At the Wynn Macau property, second-quarter VIP turnover fell by 15.7 percent year-on-year, to US$981.7 million, with hold at 3.41 percent, up from 2.19 percent a year ago. That resulted in VIP revenue of US$33.4 million, a 31.3-percent increase from the prior-year period.
Analysts Anne Ling and Jingjue Pei of Jefferies Hong Kong Ltd observed that the casino firm’s second-quarter sales “were in line,” while adjusted EBITDA was “slightly lower” than its estimate.
“Based on our estimates, market share was 12 percent in the second quarter, 0.5 percentage points lower versus first-quarter 2025,” suggested the brokerage in a Thursday memo. “Management saw volume accelerate further in July,” it added.
JP Morgan Securities (Asia Pacific) Ltd analysts DS Kim and Selina noted that on a “positive side”, the casino group’s management “commented that its July EBITDA is running strong at US$3.3 million a day (+13 percent above the US$2.9 million a day in the second quarter), tracking ahead of JP Morgan estimates and consensus”.
On Thursday, Wynn Resorts reported net income of US$66.2 million for the second quarter of 2025, on operating revenues that were flat year-on-year, at US$1.74 billion. Adjusted property EBITDAR for the parent was US$552.4 million in the April to June period, down 3.4 percent from a year earlier.
“Our second quarter results evidenced continued strength across our business and were distinguished by a new second quarter record for adjusted property EBITDAR in Las Vegas,” stated Mr Billings.
Wynn Resorts declared a cash dividend of US$0.25 per share, payable on August 29.
