written and last updated by
Sam Smith at
08 May 2024
Journalist, Editorial Department
Macau casino operator Wynn Macau Ltd has reported its financial results for the first quarter of 2024. The company achieved an operating revenue of $998.6 million (91.2 billion rubles), marking a 9.7% increase from the previous quarter and a remarkable 66.4% year-on-year growth.
Adjusted earnings before interest, taxes, depreciation, amortization, and rent (EBITDAR) rose to $339.6 million (31 billion rubles). This represents a quarterly increase of 14.3% and an impressive annual growth of 118%. Craig Billings, CEO of parent company Wynn Resorts, stated that the improvement in EBITDAR was driven by an increase in the operator's market share, particularly in comparison to pre-pandemic levels in 2019. "We have remained above our expected range. The strengthening of our business continues into the second quarter," Billings noted.
Wynn operates two casinos in Macau: Wynn Palace and Wynn Macau. Revenue from the gaming segment in the first quarter reached $820.1 million (74.9 billion rubles), exceeding the previous quarter's figures by 11.1%. A year earlier, the company reported earnings of nearly half that amount, at $447.1 million (40.8 billion rubles).
Wynn Palace generated an operating revenue of $586.9 million (53.6 billion rubles), up 11.9% from the previous quarter. In contrast, Wynn Macau's revenue fell by 10.3% to $346.4 million (31.6 billion rubles), although it was still 96.4% higher than the same period last year.
Wynn Resorts reported a net profit of $144.2 million (13.2 billion rubles) for the first quarter, a significant increase from just $12.3 million (1.1 billion rubles) in 2023. Operating revenue from January to March 2024 reached $1.86 billion (169.8 billion rubles), compared to $1.42 billion (129.6 billion rubles) a year ago. Wynn Resorts also announced a dividend payment of $0.25 (23 rubles) per share, scheduled for May 31.
It is worth noting that Citigroup reported a 144% year-on-year increase in casino revenues in Macau during the early days of May.
