Wynn Macau saw a 44 percent increase in its operating loss for the fourth quarter of 2022, totaling $181.13 million, largely driven by a loss at its Wynn Palace property on the Cotai Strip, which saw a loss of $105.94 million during the quarter.
The figure was a strong rise from the $62.71 million loss recorded at Wynn Palace in 4Q21.
Casino revenues at the property fell by 52.8 percent yearly, to $68.91 million, as it reduced the number of VIP tables at the property to 50, from 87, resulting in an 11.9 percent drop in VIP turnover ($1.04 billion) and a 96.4 percent drop in VIP table games win ($1.11 million).
Mass market tables at the group’s main property saw mass table drop of $373.31 million, down 36.9 percent yearly, while table games win was down 35.2 percent, to $86.93 million.
During the quarter, Wynn Palace saw hotel occupancy of just 50.1 percent, nearly the same year-on-year – further demonstrating the shift away from gaming visitors that the Macau government is seeking to establish.
Adjusted property EBITDAR loss at Wynn Palace suffered a massive increase, at $23.93 million, compared to a loss of $1.39 million in 4Q21.
The group’s Macau peninsula property saw casino revenues fall by 47.2 percent, to $51.41 million.
The group also reduced down the number of VIP tables in operation, to 52 from 74 in 4Q21, with VIP turnover down 49.9 percent yearly, to $429.57 million, with VIP table games win of $5.13 million – down 79 percent.
Mass market table drop was also down 39.7 percent yearly, to $317.8 million, while mass table games win was down 40.2 percent, to $54.69 million.
Hotel room occupancy at the Macau property was similar to that in Cotai, at 51.8 percent, down slightly from 4Q21.
Adjusted property EBITDAR also increased, with a loss of $35.16 million, up from $24.49 million in 4Q21.
During the quarter, Wynn Resorts – the parent company – registered operating revenues of $1 billion – a slight decrease of $48.2 million yearly, with net income of $32.4 million, reversing a net loss of $177.2 million in 4Q21.
Adjusted property EBITDAR rose to $195.1 million in 4Q22, from $149.1 million in the same quarter the year prior.
The group noted that at the end of 2022, it held total and long-term debt outstanding amounting to $12.12 billion, with Macau-related debt totaling $6.19 billion and Wynn Las Vegas debt amounting to $4.9 billion.