Gaming revenues generated by Wynn Macau, Limited have dropped 19.7 per cent year-on-year to US$906.4 million (MOP7.3 billion) in the third quarter of this year, as net profit decreased 53.5 per cent to US$103.7 million, according to the group’s most recent financial report.
The group attributted the results to a decrease in VIP turnover at its Macau properties.
Operating revenues for the three months ended September 30, 2019 recorded by Wynn Palace fell 18.1 per cent year-on-year to $730.6 million as adjusted EBITDA dropped 28.3 per cent to US$161.1 million.
VIP turnover in the group’s Cotai property went down considerably by 32.3 per cent year-on-year to US$10.5 billion.
Meanwhile, Wynn Macau saw its operating revenues go down 18.2 per cent year-on-year to US$474.2 million, with its adjusted EBITDA falling 24 per cent to US$139.0 million for the third quarter of 2019.
The group’s property at the Macau Peninsula also saw a dramatic 42.5 per cent fall in VIP turnover in the third quarter to US$8 billion.
However drop from mass market tables increased by 9.2 per cent year-on-year in the period at Wynn Palace to US$1.2 billion, while rising 11.5 per cent at Wynn Macau to US$1.3 billion.
Non-gaming related revenues fell 4.3 per cent year-on-year at Wynn Palace to US$100.5 million and by 13.9 per cent at Wynn Macau to US$65.5 million.
“We delivered solid financial results in the third quarter, despite negative hold impact
in both Macau and Las Vegas […] In Macau, the investments we have made position us well to compete in any market environment, as evidenced by record mass table win in the quarter,” the CEO of Wynn Resorts, Limited, Matt Maddox, indicated in the report.
The group also indicated that during the nine months ended September 30, 2019, it incurred in US$104.1 million in capital expenditures at Wynn Macau primarily related to the room remodel and West Casino renovation, and US$47.2 million at Wynn Palace.
During that same period, it also repaid US$174.7 million in net amounts borrowed and part of its Wynn Macau Senior Revolving Credit Facility.