Good Morning. It is all in the premium. Seaport Research highlights that gaining premium mass market share in Macau is critical for Wynn’s growth over the next 1-2 years. According to senior analyst Vitaly Umansky, Wynn may increase its market share in 2024 but could lose some in 2025 due to competition from newer properties like Sands and Galaxy. Despite this, Wynn’s historical adaptability and refocus on premium mass offerings should help maintain its market position. At the same time, brokerage firm Maybank pointed out that Genting Malaysia Berhad net profit results surpassed expectations due to lower-than-anticipated tax rates.
What you need to know
- Seaport Research identifies gaining premium mass market share in Macau as a crucial factor for Wynn’s growth in the next 1-2 years.
- Genting outperformed profit expectations in 1Q24, with core net profit surpassing expectations due to lower-than-anticipated tax rates: Maybank.
On the radar
- Macau GGR reaches $2.51B in May, up 8.9% m-o-m, hitting a new post-COVID high.
- Further gaming recovery drives Macau’s strong growth: IMF.
- IDX completes sale of Computer Vision Division and X-View to Kam Tak Asia.
- Malaysian chamber backs Thai border casino to compete with Genting Highlands.
- RGB Macau to sell almost 2,000 EGMs to PAGCOR.
- Wynn Macau board to review semi-annual dividend policy adjustment.
- Philippine Governor offers $170K reward for proof of POGO ties.
AGB Intelligence
MACAU
Strategic base mass marketing and historical adaptability to bolster Wynn
Gaining premium mass market share in Macau is crucial for Wynn’s growth over the next 1-2 years, according to Seaport Research. Key growth strategies include enhancing base mass marketing to increase mid-week and walk-in traffic. At the same time, despite losing some gaming tables following the 2022 concession renewals, this is not anticipated to significantly impact short-term growth, with Wynn also likely to be slower in adopting smart table technology compared to competitors.
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