Wynn Resort’s Macau operations saw some $885.3 million in revenue during the second quarter, with rises from both its Macau peninsula and Cotai property – up by $35.7 million and $79.7 million yearly, respectively.
The group’s Macau operations brought in a total of $161.93 million in operating income during the quarter, a strong increase from the $121.68 million recorded in 2Q23.
Meanwhile, property EBITDA rose from $246.19 million in 2Q23 to some $280.37 in 2Q24.
For the group’s Cotai property, Wynn Palace, casino revenues were up 21.8 percent yearly, to $444.96 million during the period, while total revenue hit $548.05 million – a rise of 17 percent yearly. Adjusted property EBITDAR totalled $184.46 million, up by 17.8 percent yearly.
VIP turnover at Wynn Palace fell by 7.6 percent yearly in the second quarter, at $2.81 billion, while mass market table drop amounted to $1.73 billion, up by 15.3 percent yearly.
The slot machine handle also increased, by some 10.9 percent, totaling $642.7 million.
Looking to the peninsula, Wynn Macau brought in some $280.71 million in casino revenue, up by 15.5 percent yearly. Total revenue rose by 11.8 percent, to $337.27 million, while adjusted property EBITDAR increased by 7.1 percent, to $95.91 million.
Similar to Cotai, VIP turnover was down, by 16.3 percent yearly, to $1.16 billion, while mass drop rose by 31 percent, to $1.6 billion.
Looking at the group’s Las Vegas operations, overall casino revenue was actually down by 6 percent yearly during the quarter, to $129.67 million, however overall revenue was up by 8.8 percent yearly, topping $628.65 million. Adjusted property EBITDAR also rose, by 2.8 percent, to $230.33 million.
Total operating revenues for Wynn Resorts, parent company of Wynn Macau, amounted to $1.73 billion, up by $137.1 million yearly, while net income amounted to $111.9 million, a slight rise from the $105.2 million in 2Q23.
Wynn Resorts’ adjusted property EBITDAR rose to $571.7 million, from $524.4 million in 2Q23.
“Our second quarter results, including a new second quarter record for Adjusted Property EBITDAR, reflect continued strength throughout our business. I am incredibly proud of our teams in Las Vegas, Macau and Boston,” said Craig Billings, CEO of Wynn Resorts, Limited.
Looking to the United Arab Emirates, the company noted that “we continue to invest in growing the business, with construction on Wynn Al Marjan Island in the UAE progressing at a rapid pace. During the quarter, we also finalized a transaction to acquire our pro-rata share of the land on Al Marjan Island Three, including a sizable land bank for potential future development opportunities for Wynn Resorts or for selected third parties complementary to Wynn Al Marjan.”
During the quarter, the group put in some $356.5 million into its 40-percent owned joint venture constructing Wynn Al Marjan Island – bringing its total contributions to the project to $514.4 million.
The group has used the funding to purchase some 155 acres of land for the integrated resort – including more than 70 acres for ‘potential future development iin Ras Al Khaimah’.
The group notes that it still expects to open Wynn Al Marjan Island in 2027.
