Macau operations revenue up 6%. According to a U.S. filing on Monday, Wynn Resorts Ltd., the parent company of Macau casino operator Wynn Macau Ltd., reduced its third-quarter net loss year over year.
The owners incurred a loss of just under US$32.1 million, as opposed to a loss of about US$116.7 million the previous year.
In addition to operating casinos in Boston, Massachusetts, and Las Vegas, Nevada, the group is working on a project in the United Arab Emirates that is scheduled to open in 2027.
The group’s total operational revenues for the three months ending September 30 were US$871.7 million, up 6.3 percent year over year in the Macau market, where it runs Wynn Macau (pictured) on the city’s peninsula and Wynn Palace in the Cotai casino sector.
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At about US$296.8 million, the casino’s earnings at the Wynn Macau site increased 28.9% from the previous year. At slightly under US$23.8 million, its hotel room revenues were down 25.0 percent from the previous year.
In prepared remarks, Wynn Resorts group chief executive Craig Billings stated: “Our third quarter results reflect healthy demand across our resorts highlighted by strong mass gaming win in Macau and solid non-gaming performance in Las Vegas.”
He mentioned: “The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets.”
The Wynn Macau’s mass-market table drop was just under US$1.52 billion, representing a 9.5 percent annual increase. The property’s slot machine handle was US$815.3 million, which was 43.0% more than the same quarter last year. At US$1.20 billion, VIP rolling chip turnover was nearly unchanged.
At US$418.0 million, Wynn Palace’s casino earnings were unchanged. At US$49.1 million, its room revenues decreased 9.5% from the same quarter last year.
Wynn Palace’s mass-market table decline was slightly over US$1.69 billion, a 1.8% decrease from the previous year. Nearly US$577.3 million was handled by the property’s slot machines, a 9.0% drop from the same quarter last year. VIP rolling chip turnover increased 11.6 percent year over year to about US$3.20 billion.
Adjusted earnings before interest, taxes, depreciation, amortization, and rent (EBITDAR) for the entire Macau division increased 3.1% year over year to around US$262.9 million.
The adjusted EBITDAR for the Wynn Macau venue was about US$100.6 million, a 29.1% increase from the previous year. Wynn Palace’s were little under US$162.3 million, an 8.3 percent decrease from the previous year.
As of September 30, the Wynn group owed a total of US$11.79 billion in current and long-term debt, which was made up of US$6.41 billion in debt related to Macau, US$1.46 billion in debt related to Wynn Las Vegas, US$3.30 billion in debt related to Wynn Resorts Finance Ltd, and US$614.5 million in debt held by a retail joint venture that the Wynn group consolidated in its accounts.
Wynn Macau Ltd. said at the end of September that lenders had decided to extend the maturity date of some outstanding loans under a revolving facility by three years, to September 16, 2028.
According to the parent company, it made a cash contribution of US$18.2 million in the third quarter to a 40 percent-owned company that is building the Wynn Al Marjan Island resort in Ras Al Khaimah, United Arab Emirates. As a result, the group has contributed US$532.6 million in cash to the project “life-to-date.”
The Wynn Al Marjan Island is currently scheduled to debut in 2027, according to Wynn Resorts.
The parent board authorized the firm to repurchase up to US$1.00 billion of outstanding shares of common stock on November 1, 2024, expanding the previously available repurchase authorization by around US$766 million, according to Monday’s results announcement.
Under its publicly disclosed equity repurchase program, the business bought back slightly more than 1.46 million shares of its common stock during the third quarter, at an average price of US$80.37 per share, for a total cost of US$117.7 million.
This resulted in repurchases of around 2.21 million shares of common stock for a total cost of US$185.7 million during the nine months ending September 30.
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