TLDR Wynn Macau’s operating profit rose 26.9% year over year to more than $162.8 million in the second quarter. Adjusted property EBITDAR climbed 17.1% to just under $297.0 million. Wynn Palace revenue increased to $653.4 million, up from $539.6 million a year earlier. Downtown Wynn Macau saw revenue rise slightly, but earnings and gaming win percentages softened. The group’s total debt stood at $10.72 billion as of June 30.
Wynn Macau Ltd reported a rise in operating profit for the second quarter, driven by stronger business at its Macau casinos. Parent company Wynn Resorts Ltd released the figures on Tuesday.
Operating profit for the quarter ending June 30 increased 26.9% from the same period last year. The total came in at more than $162.8 million.
Adjusted property EBITDAR for the quarter rose 17.1% year over year. The figure reached just under $297.0 million across both Macau properties.
Macau Operations Deliver Stronger Earnings
Wynn Macau Ltd runs two properties in the region. These are the downtown Wynn Macau resort and Wynn Palace in the Cotai district.
Jefferies said in a Wednesday note that the company’s adjusted EBITDA beat its estimate by 10%. Analysts pointed to management comments that business improved in late July, after the FIFA World Cup ended.
Summer holiday travel picked up during that period. The stronger momentum continued into early August.
Wynn Resorts chief executive Craig Billings said the quarter reflected healthy demand across the business. He highlighted a monthly record for adjusted property EBITDAR in Las Vegas during May.
Wynn Palace Sees Revenue Rise
Wynn Palace posted operating revenue of $653.4 million for the quarter. That is up $113.8 million from $539.6 million in the same period last year.
Adjusted property EBITDAR at the resort rose to $201.5 million. That compares to $157.2 million