Wynn Macau (1128) H2 2024 earnings summary

Executive summary

• Operating revenues rose 18.4% year-over-year to HK$28.74 billion, driven by higher gaming volumes and improved tourism in Macau.

• Net profit attributable to owners surged 173% to HK$3.20 billion, reflecting strong recovery post-pandemic.

• Adjusted EBITDA increased 24% to HK$8.21 billion, with both Wynn Palace and Wynn Macau segments contributing to growth.

• The Board recommended a final dividend of HK$0.185 per share, up from HK$0.075 per share last year, subject to shareholder approval.

• Significant capital investments and repayment of US$600 million in senior notes were completed during the year.

Financial highlights

• Casino revenues grew 23.6% to HK$23.62 billion, accounting for 82.2% of total revenues.

• Mass market table games win rose 24.4% to HK$22.25 billion; VIP table games win increased 8.6% to HK$4.89 billion.

• Non-casino revenues remained flat at HK$5.12 billion, with food and beverage up 19.1% but retail and other down 16.5%.

• Operating profit reached HK$5.33 billion, up from HK$3.70 billion a year earlier.

• Basic EPS was HK$0.61, up from HK$0.22; diluted EPS was HK$0.57, up from HK$0.19.

Outlook and guidance

• Management expects continued growth, supported by robust tourism and ongoing investments in non-gaming amenities.

• The next phase of Wynn Palace development is in design, focusing on expanding non-gaming offerings.

• Sufficient liquidity and available credit facilities are expected to support operations and capital expenditures.