business · SingTao

Wynn Macau H1 Net Profit Surges 5-Fold, Wynn Palace Enclave Breaks Ground in H2

SingTao · 1 SOURCESabout 2 hours ago2 MIN

Summary

Wynn Macau (stock code: 1128) released its 2024 interim results, reporting a net profit of HK$1.546 billion, representing a 5.7-fold surge year-over-year . The company's adjusted EBITDA increased 14.7 percent to HK$3.977 billion, while total revenue grew 14.4 percent to HK$15.59 billion . The board declared an interim dividend of HK$0.223 per share, marking a 20 percent increase from the prior year . Looking ahead, Wynn Macau announced plans to develop Wynn Palace Enclave, a 432 all-suite hotel tower with an estimated budget of US$900-950 million (approximately HK$7-7.5 billion), with construction expected to commence in the second half of 2024 .

Key Points

Wynn Palace casino operating revenue reached HK$8.832 billion, up 27 percent year-over-year, while its adjusted EBITDA climbed 29 percent to HK$2.823 billion
Mass market table revenue surged 20 percent to HK$13.11 billion, accounting for the majority of casino revenue at HK$13.35 billion (up 17.4 percent), while VIP table revenue declined 14.7 percent to HK$1.80 billion
Non-gaming revenue, including rooms, food and beverage, and retail, totaled HK$2.24 billion, representing 14.4 percent of total operating revenue, broadly flat year-over-year
Room revenue decreased 3 percent to HK$907.8 million, attributed to a decline in average daily room rates
The Wynn Palace Enclave project spans a construction period of two and a half years, with the hotel tower featuring 432 all suites

Why It Matters

The strong rebound in mass market gaming revenue underscores Macau's recovery trajectory following the pandemic, positioning Wynn Macau favourably against competitors . The Wynn Palace Enclave development signals Wynn's commitment to expanding its premium suite inventory, catering to high-spending tourists and reinforcing Macau's status as a global tourism destination .