Wynn Resorts’ Macau operations brought in a total of $926.6 million in the fourth quarter of last year, a slight uptick of about 1.7 percent, as revenue improved at the group’s Cotai property Wynn Palace, but fell at its Macau peninsula property.
According to the group’s most recent financials, published by its parent company Wynn Resorts, adjusted property EBITDAR from both properties totaled $292.76 million, down slightly by 1.4 percent year-on-year.
This comes as casino revenues at Wynn Macau fell by 4.4 percent yearly, to $306.5 million during the quarter, in contrast to the 10 percent uptick at Wynn Palace – which rose to $458.81 million.
This drove an overall revenue increase of 7.4 percent at Wynn Palace, while Wynn Macau revenue fell by 5.8 percent yearly.
Adjusted property EBITDAR at the peninsula property dropped by 14 percent yearly – to $108.16 million, as all operating segments saw drops in revenue – including a 17 percent fall in rooms revenue – which totaled just $24.51 million.
In contrast, Wynn Palace recorded a 7.9 percent uptick in adjusted property EBITDAR, but also experienced a slight contraction in rooms revenue of 1.6 percent – to $49.65 million.
VIP turnover for both properties contracted on a yearly basis, down by 22.3 percent at Wynn Macau – to $1.09 billion. At Wynn Palace, figures were better – with VIP turnover at $3.06 billion – a yearly drop of 3.2 percent.
Mass market table drop fell by 2 percent at the Cotai property, to nearly $1.68 billion, in contrast to the Wynn Macau which decreased by just 1 percent, to $1.54 billion.
In contrast, Wynn Macau’s slot machine handle was better than Wynn Palace – at $785.97 million, a yearly increase of 20.5 percent. Wynn Palace’s slot machine handle increased by just 12.8 percent yearly, to $704.36 million.
Both properties benefited from strong hotel room occupancy – at 98.4 percent in Cotai and 99.4 percent on the Macau peninsula.
FY24
For the year, Wynn’s Macau operations brought in $3.68 billion, an 18.77 percent yearly rise. Wynn Palace contributed nearly $2.22 billion in revenue – up by 17.5 percent yearly, while Wynn Macau brought in $1.46 billion – up by 20.7 percent yearly.
Both properties saw yearly rises in casino revenue for FY24 – up by 22 percent in Cotai – to $1.79 billion, and by 26.8 percent on the peninsula, to $1.23 billion.
Adjusted property EBITDAR for Wynn’s Macau properties increased by 23.23 percent yearly in FY24, to $1.17 billion – on the backs of a 30.7 percent increase at Wynn Macau ($338.09 million) and a 19.1 percent rise at Wynn Palace ($615.84 million)
Speaking of the results, Wynn Resorts CEO Craig Billings noted that “We delivered strong quarterly performance in Las Vegas on very tough comparables and drove healthy market share in Macau led by strength in both premium mass and VIP”.
Las Vegas operations
Wynn Resorts’ Las Vegas operations were fairly flat in the fourth quarter – with revenue up by 0.4 percent yearly to $699.54 million, and adjusted property EBITDAR down by 1.2 percent yearly to $267.44 million.
Casino revenues increased by 13.4 percent yearly, to $190.06 million, being outshone by its rooms revenue – which totaled $228.59 million, a 5.9 percent yearly drop.
For the full year, total revenue for the Las Vegas operations was up by 3.7 percent, to $2.57 billion, while adjusted property EBITDAR increased by just 0.1 percent, tp $946.76 million.
Casino revenues decreased by 4.5 percent yearly, to $600 million, while rooms revenue increased by 7.8 percent to $845.66 million.
Group-wide
Overall, group revenue was flat year-on-year in the fourth quarter, topping out at nearly $1.84 billion, however net income fell significantly from $729.2 million in 4Q23 to just $277 million in 4Q24.
Adjusted property EBITDAR was down by $11.3 million, to $630.4 million in 4Q24.
For the full year, operating revenues totaled $7.13 billion, compared to $6.53 billion in 2023. Adjusted property EBITDAR increased by $250 million in 2024, to $2.36 billion.
The group ended 2024 with net income of $501.1 million, down from $730 million in 2023.
