Macau casino operator Wynn Macao Ltd's first-quarter operating revenue rose 9.7% from the previous quarter to $998.6 million. Those sales were up 66.4% from $610 million in the first quarter of 2023, according to a filing with the Hong Kong Stock Exchange on Tuesday.
The company operates the win palace resort (pictured) in kotai, and the win macao resort on the kotai peninsula. win macao is an affiliate of the U.S.-based casino developer win resort.
Wynn Macao Ltd reported adjusted net income of interest, taxation, depreciation, amortization and rent (EBITDAR) slightly below $339.6 million, up 14.3% from the previous quarter, compared to a 118.0% year-over-year increase.
"We generated $340 million in EBITDA in the quarter with total game sales (GGR) market share above both the previous quarter and 2019 exit rates," Wynn Resorts Group Chief Executive Officer Craig Billings said on a conference call with investment analysts on Tuesday.
"On a fully normalized basis, EBITDAAR would have been around $320 million because it exceeded expectations," the CEO said. But he added: "The strength of our business continues in the second quarter."
Wynn Macao Ltd's first-quarter real estate EBITDA "outperformed the market consensus at about 13.5%, compared to 12.5% in the latest quarter, and margins were able to hit the highest level in about a decade thanks to cost discipline," JP Morgan Securities (Asia Pacific) said in a note on Wednesday.
"According to [Win] management, solid momentum continues into Q2, with volume volumes 30% higher than pre-COVID levels," wrote analysts DS Kim, Selina Lee and Mupan Si.
Wynn Macau's casino revenue rose 11.1% quarter-on-quarter to $820.1 million, slightly below casino revenue of $447.1 million in the first quarter of 2023.
According to JP Morgan, Wynn Macau Inc's mass GGR, including Slot, grew "9% quarter-over-quarter, up 23% from pre-COVID, reflecting continued strength in premium mass, and VIP rolling volumes were up 21% quarter-over-quarter on a low basis."
On a real estate basis, Win Palace's operating income rose 11.9% quarter-over-quarter to $586.9 million, compared to $369.4 million in operating income for the same period last year.
Adjusted EBITDA for the property was $222.4 million, an increase of 18.3% quarter-over-quarter and 82.2% year-over-year. 슬롯사이트 순위
Wynn Macau Resorts posted operating income of $346.4 million, up 96.4% year-over-year, but down 10.3% quarter-over-quarter.
Adjusted EBITDA for the complex was $137.2 million, up 9.1% from the fourth quarter of 2023 and up 206.9% from a year ago.
