Wynn Macau reports USD 181M in operating loss in 4Q22 as VIP segment turnover falls

The adjusted property EBITDAR of Wynn Palace and the peninsula property stood at US$23.9 million and US$35.2 million respectively during the reporting period, with the figures expanding from US$1.4 million and US$24.5 million compared to the same period in 2021.

Casino revenues at the company’s Cotai property Wynn Palace fell by 52.8 per cent year-on-year to US$68.91 million, with its VIP segment turnover decreasing 11.9 per cent to US$1.04 billion, and VIP table games win dropping 96.4 per cent to US$1.11 million.

Mass market table games win was down 35.2 per cent to US$86.93 million, and the slot machine win dropped 38.9 per cent to US$8.3 million.

The company’s Macau peninsula property saw its casino revenues decrease by 47.2 per cent year-on-year to US$51.41 million, with its VIP turnover down 49.9 per cent year-on-year to US$429.57 million and VIP table games win down 79 per cent to US$5.13 million.

Mass table games win was down 40.2 per cent to US$54.7 million, and slot machine win increased 13.9 per cent to US$7.9 million.

Meanwhile, the parent company of Wynn Macau – Wynn Resorts, registered US$1 billion in operating revenues for the fourth quarter of 2022, a decrease of US$48.2 million from the US$1.05 billion reported during the same period in 2021.

The adjusted property EBITDAR of the group was US$195.1 million for 4Q22, compared to US$149.1 million in the previous year.

“In Macau, we were honored to be awarded with a new 10-year gaming concession during the quarter and were pleased to experience a meaningful return of visitation and demand during the recent Chinese New Year holiday period. We believe we are well-positioned for success in Macau’s next phase of growth.” Craig Billings, CEO of Wynn Resorts, was quoted as saying in the stock filing.

By Therese Tu