Company Reports

Wynn Macau's second-quarter gross gaming revenue and adjusted EBITDAR rose 1% and 6% quarter on quarter, respectively. The firm's market share expanded 0.9 percentage points to 13.6%, and adjusted EBITDAR/GGR margin increased 1.4 percentage points to 28.8%.

Wynn Macau's first-quarter gross gaming revenue and adjusted EBITDA both rose 3% quarter on quarter, with market share edging up 0.3 percentage points to 12.1% and a flat adjusted EBITDA/gross gaming revenue margin of 27.4%.

As one of six casino license holders in Macao, Wynn Macau benefits from insatiable Chinese demand for gaming, underpinned by rising per capita disposable income in China. Macao has a penetration rate of only 2% as of 2025, compared with Las Vegas’ 12%. Excluding the neighboring Guangdong province, where only 8% of China’s 1.4 billion population resides, the penetration rate is less than 2%. New hotel rooms by major operators in the recent years should accommodate increased and extended visits from bigger spenders from these provinces and drive the top line for integrated resort operators like Wynn Macau. With the gradual ramp-up of traffic allowed on the Hong Kong-Zhuhai-Macao bridge, new Hengqin border, and the Gongbei to Hengqin extension rail, Macao's carrying capacity for tourists should increase. In addition, neighboring Hengqin Island, three times the size of Macao, is under rapid development to complement Macao's growth.

Wynn Macau's 2025 net revenue rose 1% year on year, while adjusted property EBITDA fell 9%. The company declared a final dividend of HKD 0.223 per share, up from HKD 0.185 a year ago, bringing the full-year dividend to HKD 0.408 per share.

Wynn Macau posted soft fourth-quarter results, with gross gaming revenue, or GGR, and adjusted EBITDA falling 3% and 12% quarter on quarter, respectively. This translates into a 0.9 percentage-point sequential GGR market share loss and a 2.8 percentage-point EBITDA margin contraction.

As one of six casino license holders in Macao, Wynn Macau benefits from insatiable Chinese demand for gaming, underpinned by rising per capita disposable income in China. Macao has a penetration rate of only 2% as of 2025, compared with Las Vegas’ 12%. Excluding the neighboring Guangdong province, where only 8% of China’s 1.4 billion population resides, the penetration rate is less than 2%. New hotel rooms by major operators in the recent years should accommodate increased and extended visits from bigger spenders from these provinces and drive the top line for integrated resort operators like Wynn Macau. With the gradual ramp-up of traffic allowed on the Hong Kong-Zhuhai-Macao bridge, new Hengqin border, and the Gongbei to Hengqin extension rail, Macao's carrying capacity for tourists should increase. In addition, neighboring Hengqin Island, three times the size of Macao, is under rapid development to complement Macao's growth.

Wynn Macau delivered a strong third-quarter results, with gross gaming revenue, or GGR, rising 12% quarter on quarter, and adjusted EBITDA increasing 21.5% sequentially. This outpaced the industry's 2% GGR growth, leading to a 1.1-percentage-point market share gain to 12.9%.

As one of six casino licenseholders in Macao, Wynn Macau benefits from insatiable Chinese demand for gaming, underpinned by rising per capita disposable income in China. Macao has a penetration rate of less than 2%, compared with Las Vegas’ 12%. Excluding the neighboring Guangdong province, where only 8% of China’s 1.4 billion population resides, the penetration rate is merely 1%. The new hotel rooms by major operators in the next few years should accommodate increased and extended visits from bigger spenders from these provinces and drive the top line for integrated resort operators like Wynn Macau. With the gradual ramp-up of traffic allowed on the Hong Kong-Zhuhai-Macao bridge, new Hengqin border and the Gongbei to Hengqin extension rail, Macao's carrying capacity for tourists would increase. In addition, neighboring Hengqin Island, three times the size of Macao, is under rapid development to complement Macao's growth.

Macao welcomed 1.06 million tourists during the first seven days of the 2025 national holiday, according to the Macao Government Tourism Office. This implies a daily average of 150,773 visitors, up 7.4% from a year ago.

As one of six casino licenseholders in Macao, Wynn Macau benefits from insatiable Chinese demand for gaming, underpinned by rising per capita disposable income in China. Macao has a penetration rate of less than 2%, compared with Las Vegas’ 12%. Excluding the neighboring Guangdong province, where only 8% of China’s 1.4 billion population resides, the penetration rate is merely 1%. The new hotel rooms by major operators in the next few years should accommodate increased and extended visits from bigger spenders from these provinces and drive the top line for integrated resort operators like Wynn Macau. With the gradual ramp-up of traffic allowed on the Hong Kong-Zhuhai-Macao bridge, new Hengqin border and the Gongbei to Hengqin extension rail, Macao's carrying capacity for tourists would increase. In addition, neighboring Hengqin Island, three times the size of Macao, is under rapid development to complement Macao's growth.

Wynn Macau's share price fell 7% after its weak second-quarter results, affected by unfavorable win rates. Gross gaming revenue grew 2% quarter on quarter, trailing the industry's 6% growth, while adjusted EBITDA rose 1% to USD 254 million.

The share prices of Macao casinos surged 5%-11% after the release of June gross gaming revenue on July 1, which rose sharply by 19% from a year ago to MOP 21 billion, reaching 88.5% of the 2019 level—the highest since China lifted travel restrictions in January 2023.

As one of six casino licenseholders in Macao, Wynn Macau benefits from insatiable Chinese demand for gaming, underpinned by rising per capita disposable income in China. Macao has a penetration rate of less than 2%, compared with Las Vegas’ 12%. Excluding the neighboring Guangdong province, where only 8% of China’s 1.4 billion population resides, the penetration rate is merely 1%. The new hotel rooms by major operators in the next few years should accommodate increased and extended visits from bigger spenders from these provinces and drive the top line for integrated resort operators like Wynn Macau. With the gradual ramp-up of traffic allowed on the Hong Kong-Zhuhai-Macao bridge, new Hengqin border and the Gongbei to Hengqin extension rail, Macao's carrying capacity for tourists would increase. In addition, neighboring Hengqin Island, three times the size of Macao, is under rapid development to complement Macao's growth.

Lower VIP win rates at both properties dampened Wynn Macau's first-quarter results, with gross gaming revenue, or GGR, and adjusted EBITDA declining 5% and 14% quarter on quarter, respectively. Nevertheless, luck-adjusted metrics suggest stable sequential performance.

Wynn Macau announced a final dividend of HKD 0.185 per share on March 27, 2025. Combined with its interim dividend of HKD 0.075 per share, this brings the total dividend for 2024 to HKD 0.26 per share, representing a dividend payout ratio of 42%, up from 33% in 2023.

Helped by a slightly higher win rate, Wynn Macau's gross gaming revenue and adjusted EBITDA increased by 6% and 11% from the previous quarter, reaching USD 927 million and USD 293 million, respectively. This implies a sequential improvement in GGR market share to 12.9% from 12.8%.

As one of six casino licenseholders in Macao, Wynn Macau benefits from insatiable Chinese demand for gaming, underpinned by rising per capita disposable income in China. Macao has a penetration rate of less than 2%, compared with Las Vegas’ 12%. Excluding the neighboring Guangdong province, where only 8% of China’s 1.4 billion population resides, the penetration rate is merely 1%. The new hotel rooms by major operators in the next few years should accommodate increased and extended visits from bigger spenders from these provinces and drive the top line for integrated resort operators like Wynn Macau. With the gradual ramp-up of traffic allowed on the Hong Kong-Zhuhai-Macao bridge, new Hengqin border and the Gongbei to Hengqin extension rail, Macao's carrying capacity for tourists would increase. In addition, neighboring Hengqin Island, three times the size of Macao, is under rapid development to complement Macao's growth.

Wynn Macau’s third-quarter results were largely in line with our expectations, but slightly missed market consensus of USD 280 million, with adjusted EBITDA falling 6% from the prior quarter to USD 263 million on weaker nongaming contribution. Although its market share in gross gaming revenue remained largely flat at 12.6% from a quarter ago, it is well below the 14.2% in the first quarter of 2024 and 14.8% in 2019. We maintain our 2024 earnings forecast unchanged, but reducing our 2025-28 revenue and adjusted EBITDA forecasts by 2%-4%, as we believe competitive landscape remains intense in Macao, and some of its Macao peers are aggressively upgrading properties toward more premium offerings. Accordingly, we lower our fair value estimate of Wynn Macau to HKD 8.50 per share from HKD 8.80.

As one of six casino licenseholders in Macao, Wynn Macau benefits from insatiable Chinese demand for gaming, underpinned by rising per capita disposable income in China. Macao has a penetration rate of less than 2%, compared with Las Vegas’ 13%. Excluding the neighboring Guangdong province, where only 8% of China’s 1.4 billion population resides, the penetration rate is merely 1%. The new hotel rooms by major operators in the next few years should accommodate increased and extended visits from bigger spenders from these provinces and drive the top line for integrated resort operators like Wynn Macau. With the gradual ramp-up of traffic allowed on the Hong Kong-Zhuhai-Macao bridge, new Hengqin border and the Gongbei to Hengqin extension rail, Macao's carrying capacity for tourists would increase. In addition, neighboring Hengqin Island, three times the size of Macao, is under rapid development to complement Macao's growth.

As one of six casino licenseholders in Macao, Wynn Macau benefits from insatiable Chinese demand for gaming, underpinned by rising per capita disposable income in China. Macao has a penetration rate of less than 2%, compared with Las Vegas’ 13%. Excluding the neighboring Guangdong province, where only 8% of China’s 1.4 billion population resides, the penetration rate is merely 1%. The new hotel rooms by major operators in the next few years should accommodate increased and extended visits from bigger spenders from these provinces and drive the top line for integrated resort operators like Wynn Macau. With the gradual ramp-up of traffic allowed on the Hong Kong-Zhuhai-Macao bridge, new Hengqin border and the Gongbei to Hengqin extension rail, Macao's carrying capacity for tourists would increase. In addition, neighboring Hengqin Island, three times the size of Macao, is under rapid development to complement Macao's growth.