Nov 05, 2024 Newsdesk Latest News, Macau, Top of the deck  
Wynn Resorts Ltd, parent of Macau casino operator Wynn Macau Ltd, narrowed its third-quarter net loss year-on-year, according to a Monday filing in the United States.
Such loss attributable to the owners was just under US$32.1 million, versus a nearly US$116.7-million loss a year earlier.
The group runs casinos in Las Vegas, Nevada, and Boston, Massachusetts, in the United States, and is developing a project in the United Arab Emirates, due to open in 2027.
In the Macau market, where the group operates Wynn Macau (pictured) on the city’s peninsula, and Wynn Palace in the Cotai casino district, total operating revenues for the three months to September 30 were US$871.7 million, up 6.3 percent year-on-year.
The Wynn Macau property’s casino revenues were up 28.9 percent year-on-year, at almost US$296.8 million. Its hotel room revenues were down 25.0 percent year-on-year, at just under US$23.8 million.
Craig Billings, group chief executive of Wynn Resorts, said in prepared remarks: “Our third quarter results reflect healthy demand across our resorts highlighted by strong mass gaming win in Macau and solid non-gaming performance in Las Vegas.”
He added: “The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets.”
Mass-market table drop at Wynn Macau was just shy of US$1.52 billion, a gain of 9.5 percent year-on-year. Slot machine handle at the property was US$815.3 million, up 43.0 percent on the prior-year quarter. VIP rolling chip turnover was almost flat, at US$1.20 billion.
Wynn Palace’s casino revenues were flat, at US$418.0 million. Its room revenues were down 9.5 percent on the prior-year quarter, at US$49.1 million.
Mass-market table drop at Wynn Palace was just above US$1.69 billion, down 1.8 percent year-on-year. Slot machine handle at the property was almost US$577.3 million, a decrease of 9.0 percent on the prior-year quarter. VIP rolling chip turnover was almost US$3.20 billion, up 11.6 percent year-on-year.
The overall Macau operation’s adjusted earnings before interest, taxation, depreciation, amortisation and rent (EBITDAR) were up 3.1 percent year-on-year, at nearly US$262.9 million.
The Wynn Macau venue’s adjusted EBITDAR were almost US$100.6 million, up 29.1 percent year-on-year. Wynn Palace’s were down 8.3 percent year-on-year, at just under US$162.3 million.
Debt maturity, group share repurchase programme
The Wynn group’s total current and long-term debt outstanding at September 30 was US$11.79 billion, comprised of US$6.41-billion of Macau-related debt; US$1.46-billion of Wynn Las Vegas debt; US$3.30 billion of Wynn Resorts Finance Ltd debt; and US$614.5-million of debt held by a retail joint venture which the Wynn group consolidates in its accounts.
At the end of September, Wynn Macau Ltd said lenders had agreed to extend by three years – to September 16, 2028 – the maturity date of some outstanding loans under an revolving facility.
The parent stated that during the third quarter it contributed US$18.2-million in cash to a 40-percent-owned venture that is constructing the Wynn Al Marjan Island resort in Ras Al Khaimah in the United Arab Emirates. That brought the group’s “life-to-date” cash contributions to the project to US$532.6 million.
Wynn Resorts reiterated that Wynn Al Marjan Island is currently expected to open in 2027.
Monday’s results announcement also mentioned that on November 1, 2024, the parent’s board authorised the group to repurchase up to US$1.00-billion of outstanding shares of common stock, increasing the previously available repurchase authorisation by approximately US$766 million.
During the third quarter, the group repurchased just over 1.46 million shares of its common stock under its publicly announced equity repurchase programme, at an average price of US$80.37 per share, for an aggregate cost of US$117.7 million.
That brought repurchases for the nine months to September 30 to nearly 2.21 million shares of common stock, for an aggregate cost of US$185.7 million.
Nov 27, 2024
Nov 18, 2024
Dec 10, 2024
Dec 10, 2024
Dec 10, 2024
Cambodia is working to develop its casino industry via the construction of further world-class integrated resorts (IRs), by offering attractive policies, including tax rates. That is according to...(Click here for more)
"Sands China is well known for its ability to use non-gaming amenities to drive gaming volumes”
Citigroup