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.
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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- International Gaming Standards Association celebrates 25 years.
G2E Asia Singapore 2023
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