Now that the first year of post-pandemic gambling operations has run, financial reports of Macau gambling operators indicate that the industry has fully recovered in the region. Total operating revenues of US$910.6 million reportedly reached by Wynn Macau Ltd in the fourth quarter of 2023 represent a 378.5% increase over the same period in 2022 and testify about the recovery.
The company’s report indicating that the Q4 figure stands for an 11.1% increase over the preceding quarter additionally clears the Covid-19 case. As reported by GGRAsia, Wynn Macau Ltd filings to Hong Kong Stock Exchange referred to its two operations, Wynn Palace resort and Wynn Macau resort. Wynn Macau Ltd is a vertical of the US-based casino developer Wynn Resorts Ltd.
Record-Breaking EBITDAR:
Wynn Macau Ltd reportedly recorded the increase across all financial parameters in the fourth quarter of 2023. Thus the adjusted EBITDAR amountedto almostUS$297.0 million, which is 16.5 % more than in the third quarter. As reported by GGRAsia, the operator’s gaming revenue rose 13.8 % on the same basis to hit the US$737.9 million level in the Q4 2023. These figures were simultaneously six times, or more, higher than those seen in the same period in 2022.
Q4 Performance of Wynn Macau Ltd Properties:
As a sequence of the total, Wynn Palace contributed US$524.4 millionin operating revenues and the adjusted EBITDAR of US$171.1 million. Wynn Palace generated US$417.3 million in gaming revenues to remain flat in comparison to the preceding quarter.
Over the same period, the Wynn Macau resort recorded operating revenues of US$386.2 million, up 30.9 % percent from the prior three-month period, and the adjusted EBITDAR of US$125.8 million, 61.5% more than in the Q3 2023. In the Q4 2023, Wynn Macau generated US$320.6 million in gaming revenues to record a 39.2% quarter-on-quarter increase, as GGRAsia reports.
Wynn Macau Ltd Full-Year 2023 Result:
Aggregating the results from the two properties, the operator Wynn Macau Ltd recorded the full-year operating revenue of US$3.10 billion, which is almost 430% higher level than the US721.5 million reached in 2022. Also, the negative adjusted EBITDAR of US$220.6 million recorded in 2022 has been superseded by the adjusted EBITDAR soaring to US$953.9 million in 2023.
As reported by the source, the parent company Wynn Resorts recorded the net income of US$729.2 million in 2023. The company reportedly stated that the net income increase “was primarily the result of increased operating revenues from our Macau operations and our Las Vegas operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets as a result of achieving sustained profitability in the U.S.” Craig Billings, chief executive of Wynn Resorts, reportedly stated:“The strong momentum we built throughout 2023 continued during the fourth quarter with adjusted property EBITDAR reaching a new all-time record.”
According to GGRAsia, Wynn Resorts’ operating revenues were US$1.84 billion for the fourth quarter of 2023, with the adjusted property EBITDAR rising to US$630.4 million from the third quarter’s US$530.4 million. As for the full-year 2023 result, the parent company recorded operating revenues of US$6.53 billion against the US$3.76 billion level reached in 2022. As GGRAsia reports, Wynn Resorts generated US$730.0 million in net income in 2023 following the US$423.9 million net loss experienced in 2022. Based on the 2023 result, the Wynn Resorts board reportedly announced that a cash dividend of US$0.25 per share will be paid out starting from February 29, 2024.