Wynn Macau (1128) H2 2025 earnings summary

Executive summary

• Total operating revenues rose 0.9% year-over-year to HK$28.99 billion, driven by higher casino volumes at Wynn Palace, offset by declines in non-casino revenues and VIP win at Wynn Macau.

• Net profit attributable to owners fell 49.0% to HK$1.63 billion, mainly due to higher operating costs, lower non-casino revenues, and a loss on derivatives fair value.

• Adjusted EBITDA decreased 8.9% to HK$7.48 billion, reflecting increased expenses and lower profitability.

• The Board recommended a final dividend of HK$0.223 per share, up from HK$0.185 per share last year, subject to shareholder approval.

Financial highlights

• Casino revenues increased 3.4% to HK$24.42 billion, representing 84.2% of total revenues.

• Non-casino revenues declined 10.8% to HK$4.57 billion, with room revenues down 22.0% and food and beverage down 3.0%.

• Operating profit dropped 15.6% to HK$4.50 billion.

• Finance costs decreased 8.8% to HK$2.91 billion, while finance revenues fell 33.6% to HK$377.1 million.

• Gearing ratio remained high at 149.1%.

Outlook and guidance

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

• Continued investment in non-gaming amenities and expansion at Wynn Palace is planned.

• Macau market growth is expected to continue, supported by increased visitation and government initiatives to boost tourism.