Wynn Macau Net Income Soars on Casino Revenue Boost
The Essentials at a Glance
Wynn Macau recorded a significant increase in profits in 2024. Net income attributable to owners rose from HK$1.17 billion in 2023 to HK$3.2 billion – an increase of over 170%. Despite growing competition in Macau, the company was able to maintain its market position. Casino revenues rose by 23.6%, while non-gaming operations remained stable.
Significant Growth in Casino Revenue and Profit
Compared to the previous year, casino revenues increased from HK$19.1 billion to HK$23.6 billion, representing a 23.6% gain. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose by 24% to HK$8.2 billion (approximately US$1.18 billion), indicating solid operational performance.
Dividend More Than Doubled
Due to the positive business performance, Wynn Macau’s board proposed a final dividend of HK$0.185 per share. This is more than double the HK$0.075 paid the previous year. Including the interim dividend, the total payout for 2024 amounts to HK$0.26 per share. According to analysts at JP Morgan, the payout ratio stands at 43%. The payment is scheduled for June 11, with the record date set for June 2.
Stable Market Share Despite Competition
Although new and larger casino resorts have opened in Macau, Wynn Macau managed to retain its market share. The reason: a clear focus on affluent clientele. According to JP Morgan analysts DS Kim and Selina Li, Wynn continues to impress with high-quality facilities and strong brand loyalty among discerning players.
Solid Financial Position Despite Asset Gap
As of year-end 2024, Wynn Macau reported an asset shortfall of HK$13.29 billion. Nevertheless, the company held liquid assets of HK$11.33 billion and had access to a credit facility of HK$2.75 billion. Management expressed confidence that ongoing operations are well secured.
Our Assessment
In 2024, Wynn Macau clearly demonstrated that premium positioning works in a highly competitive market. Strong performance in the casino segment, combined with a stable high-end customer base, plays a key role in its success. Despite balance sheet challenges, liquidity remains solid. For investors and industry observers, Wynn Macau is a prime example of how quality and brand strength can offset economic headwinds. The increased dividend highlights the company’s confidence in its future.
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Sources
JP Morgan Securities (Asia Pacific) Ltd
Astute Analytica
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