Wynn Macau reports strong sequential revenue, EBITDA increases in 2Q21

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Wynn Macau Ltd continued to gain momentum in the three months to 30 June 2021, reporting a narrowed loss of US$49.6 million on a 9.0% sequential quarterly increase in revenue to US$454.4 million.

The results, comprising the companys two Macau integrated resorts, Wynn Palace and Wynn Macau, also included Adjusted Property EBITDA of US$67.7 million, improved from US$43.9 million in Q1 and reversing an EBITDA loss of US$193.6 million during the same period in 2020.

The US$49.6 million loss was narrowed from a loss of US$75 million in 1Q21 and US$302.4 million in 2Q20, while revenue of US$454.4 million was improved from US$417 million in 1Q21 and just US$20.6 million in 2Q20.

The most significant improvement was seen at Wynn Palace, with Wynn recording operating revenue of US$270.4 million, up from US$237.3 million in Q1 and US$8.7 million a year ago. Adjusted Property EBITDA of US$53.6 million was improved from US$27.4 million in the March quarter.

Wynn said it recorded mass table games win of US$163.5 million, VIP win of US$71.6 million and slot win of US$18.8 million at Wynn Palace with VIP aided by a high win rate of 3.95%. Group-wide EBITDA was aided by Wynn Palaces high-hold to the tune of US$10 million.

At Wynn Macau, operating revenue was US$184 million, up slightly from US$179.7 million in Q1 and just US$11.9 million in 2Q20. Adjusted Property EBITDA fell from US$16.6 million in Q1 to US$14.1 million.

Mass table games again contributed the majority of revenue with win of US$128.9 million versus VIP win of US$39.4 million and slot win of US$9.2 million.

Wynn Resorts CEO Matt Maddox admitted there have some fits and starts along the road to recovery in Macau, but said the company remains encouraged by the strong demand we experienced during the May holiday period, particularly in our premium mass casino and luxury retail segments.

Wynn Resorts recorded group-wide operating revenue of US$990.1 million in 2Q21, up from US$725.8 million in the March quarter, with a net loss of US$$131.4 million.