Wynn Resorts’ Macau Presence Reported In the second quarter of this year, the company’s operating income reached $885.3 million, a year-on-year increase of 15%. However, the combined revenue of the two properties was down 11.3% from the first quarter.
Combined adjusted property earnings before interest, taxes, depreciation, amortization and restructuring (EBITDAR) for Wynn Palace and Wynn Macau was $280.4 million, down 17.4% quarter-over-quarter.
The concessionaire’s Cotai property saw operating income increase 17% year-over-year to $548 million (down 6.6% from the first quarter). Wynn Palace’s adjusted property EBITDAR for the second quarter of 2024 was $184.5 million, compared to $156.6 million in the same period last year.
[See more: Macao’s 2024 gross gaming revenue will hit US$29 billion: Goldman Sachs]
Wynn Macau’s operating income reached $337.3 million in the second quarter of 2024, up 11.8% year-over-year but down 18% quarter-over-quarter. Adjusted real estate EBITDAR for the quarter was $95.9 million, up from $89.6 million in 2023.
During its earnings call this morning, Wynn noted that its market share in Macau declined during the quarter, which the company attributed to lower mass-market penetration and a “disciplined” player reinvestment policy in a competitive promotional environment. Asian Gambling Insider report.
The company also announced the acquisition of the UAE almarjan i. It will also invest $356.5 million to develop a 40%-owned joint venture integrated resort there, which is expected to open in 2027.
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