Good Morning. The sun is truly shining on Macau once again. Wynn announced a return to profit, led by its Cotai property, with triple-digit increases across the board. The company remains confident in its direct VIP business, saying it could even surpass previous levels, noting that Golden Week was a smash hit. More results are in, with IGT seeing incremental growth, as AEBITDA rose on over $1 billion in revenue in 1Q23. Light & Wonder also saw strong returns, returning to profit again on double-digit growth across all segments.
What you need to know
- Wynn’s Macau properties shone brightly in 1Q23, returning to profit and delivering $155mln in EBITDAR.
- Direct VIP levels at Wynn’s Macau properties could exceed pre-pandemic levels, based on strong Golden Week figures.
- IGT saw strong first quarter results, as revenue topped $1 billion, despite slight drops in the lottery segment.
- Light & Wonder registered $27 million in profit for 1Q23, with double-digit growth in all product segments.
On the radar
- Wynn Resorts: UAE resort to generate up to $600 million in EBITDA.
- AGTech Holdings returned to profit in 1Q23.
- Casino-supporting exiled Thai PM aims to return to country.
- Macau employees more confident but concerns linger.
- Top Indian casino investor denies being arrested by Thai police.
AGB Intelligence
MACAU
Wynn sees heady 1Q23 results, driven by Cotai
Wynn’s Macau operations more than delivered in the first quarter, with triple-digit growth, a return to profit and healthy EBITDAR. The uptick was driven by its Cotai Strip property, Wynn Palace, as the peninsula property finalized renovations. US operations lagged Macau, but saw double-digit returns, contributing to the group’s $1.4 billion in revenue during the period.
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