Wynn Macau (1128) H1 2025 earnings summary

Executive summary

• Operating revenues for the six months ended 30 June 2025 decreased 7.5% year-over-year to HK$13.63 billion, mainly due to lower VIP and mass market table games win and reduced room rates.

• Net profit attributable to owners dropped 85.5% to HK$230.6 million, with basic and diluted EPS at HK$0.04, compared to HK$1.59 billion and HK$0.30 per share in the prior year period, reflecting lower gaming win percentages and higher non-operating losses.

• Adjusted EBITDA fell 20.3% to HK$3.47 billion, with both Wynn Palace and Wynn Macau segments experiencing declines.

• An interim dividend of HK$0.185 per share was declared, with payment scheduled for 17 September 2025.

Financial highlights

• Casino revenues declined 5.8% to HK$11.39 billion, with VIP table games win down 16.9% and mass market table games win down 3.9%.

• Non-casino revenues dropped 15.3% to HK$2.24 billion, with room revenues down 23.5%, food and beverage down 5.2%, and retail and other revenues down 12.0%.

• Operating profit decreased 30.7% to HK$2.02 billion.

• Finance costs decreased 14.3% to HK$1.42 billion.

• Net cash generated from operating activities was HK$3.37 billion, down from HK$3.81 billion.

Outlook and guidance

• Management expects to fund operations and capital expenditures from operating cash flow, cash on hand, and available credit facilities, with increased borrowing capacity.

• Sufficient liquidity is anticipated to meet current and future working capital and operating requirements.

• The next phase of Wynn Palace is in design, focusing on expanded event space and non-gaming amenities.

• Macau's tourism and gaming market continues to recover, with visitation up 14.9% year-over-year in the first half of 2025.