Macau (MNA) – Analysts from Bernstein stated in a note released this Thursday that the gross gaming revenues registered by Wynn Palace in January and February 2018 had exceeded original estimates.
According to a Wynn Resorts release today, Wynn Macau net revenues for the first two months of the year went up 28 per cent yearly to US$855 million, with adjusted property EBITDA rising 51 per cent to US$281 million.
The brokerage firm stated that if Wynn’s market share of 15.7 per cent remains unaltered in March, its mass market revenues for the first quarter could be higher than anticipated at US$606 million but with VIP sector results lower than estimated at US$1 billion.
Wynn’s mass market share increased yearly to 13.6 per cent in January and February, with VIP market share decreasing to 17.9 per cent.
Bernstein analysts noted that Wynn Palace’s mass market results, in particular, were ‘much stronger than expected’, rising 80 per cent yearly to US$242 million in the first two months of the year.
However, the property EBITDA result was partly offset by much lower than expected VIP due to very low win rate of 2.44 per cent.
Wynn Resorts issued a release to inform of the first 30 days since since the appointment of Matt Maddox as its new CEO following Steve Wynn’s resignation.
In the report the group stated a strong Chinese New Year period contributed to the total adjusted property EBITDA increase, and the ‘meaningful ramp-up’ of its Wynn Palace property.
