Macau casino operator Wynn Macau Ltd reported first-quarter operating profit of $998.6 million, up 9.7% from the previous quarter. Such sales rose 66.4% from $610.1 million in the first quarter of 2023, according to data filed with the Hong Kong Stock Exchange on Tuesday.
The company operates Winn Palace Resort (pictured) in Kotai and also operates Win Macao Resort on the urban peninsula. Win Macao Inc. is a subsidiary of Winn Resorts Inc., a U.S.-based casino developer.
Wynn Macau Inc Wynn reported adjusted profit of just under $339.6 million in interest, taxation, depreciation, amortisation and rent (EBITDAR), up 14.3%, compared to 118.0% a year earlier.
“We generated $340 million in EBITDA for the quarter with total gaming revenue [GGR] market share above both the previous quarter and 2019 exit rates,” said Craig Billings, CEO of Wynn Resorts Group, on a conference call with investment analysts on Tuesday.
“We stayed above our expected range, so on a fully normalized basis, EBITDA would be approximately $320 million,” the CEO said. However, he added, “The strength of our business continued into the second quarter.”
In a note on Wednesday, JPMorgan Securities (Asia-Pacific) said WinMacao’s first-quarter real estate EBITDA was “able for margins to reach their highest level in about a decade, thanks to solid public market share and cost discipline of about 13.5% versus 12.5% in the latest quarter.”
“Solid momentum lasts well into the second quarter year to date and according to [Wynn] management, volume volumes are 30% above pre-COVID levels,” DS Kim, Selina Li and Mufan Shi analysts wrote.
Wynn Macau Inc’s casino revenue rose 11.1% quarter-over-quarter to $820.1 million, compared with just under $447.1 million in casino revenue in the first quarter of 2023.
According to JPMorgan, mass GGR including slots in Win Macao Inc “increased 9% quarter-on-quarter to reflect continued strength in premium mass, up 23% from pre-COVID and VIP rolling volumes increased 21% quarter-on-quarter, on a lower basis.”
On a real estate basis, Wynn Palace’s operating revenue rose 11.9% sequentially to $586.9 million, compared with $369.4 million in operating revenue in the prior year.
Adjusted EBITDA for the property was $202.4 million, up 18.3% quarter-over-quarter and up 82.2% year-over-year.
Wynn Macau Resorts reported $346.4 million in operating revenue, up 96.4% year-over-year but down 10.3% sequentially.
The complex produced adjusted EBITDA of $137.2 million, up 9.1% from the fourth quarter of 2023, up 206.9% from a year ago.
BY: 에볼루션 바카라사이트
