Gaming operator Wynn Macau saw a strong third quarter in 2023, with total operating revenues up 609 percent yearly, to $819.8 million, a 6.5 percent increase over 2Q23.
Wynn Macau reported a net loss narrowing from $242 million in 3Q22 to $6.2 million in 3Q23, compared to a net profit of $61 million in the previous quarter.
Wynn Macau Ltd, a subsidiary of U.S. casino developer Wynn Resorts, operates two resorts in Macau: Wynn Palace on Cotai and Wynn Macau on the peninsula.
According to the latest financial report by Wynn Resorts Ltd., adjusted Property EBITDAR in 3Q23 increased to $198.9 million at Wynn Palace and $121.7 million at Wynn Macau.
“In Macau, the recovery continued to progress during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses. On the development front, construction on Wynn Al Marjan Island is well underway, and we are confident the resort will be a ‘must see’ tourism destination in the UAE,” said Craig Billings, CEO of Wynn Resorts, Limited.
Operating revenues from Wynn Palace were $524.8 million for 3Q23, an increase of $449.5 million or 598 percent over 3Q22. Adjusted Property EBITDAR from Wynn Palace was $177.0 million for 3Q23, compared to a loss of $21.8 million in 3Q22.
Wynn’s Macau Peninsula property underperformed Wynn Palace on Cotai. Operating revenues from Wynn Macau were $295 million for 3Q23, an increase of $254.6 million over 3Q22. Adjusted Property EBITDAR from Wynn Macau was $77.9 million, compared to a loss of $43.8 million in the same period last year.
Wynn Macau’s stock price fell by over 12 percent on Friday on the Hong Kong Stock Exchange following the earnings release.