Wynn Macau Sees Revenue Jump 230% in 2023
LISTEN TO THIS ARTICLE:Wynn Macau has reported a staggering 230.6% year-on-year increase in total operating revenue for the first half of 2023, reaching $1.37 billion. As per the statement released to the Hong Kong Stock Exchange, this dramatic upturn has been attributed to robust growth in gaming, heightened hotel occupancy rates and increased restaurant volumes.
Navigating the Evolving Gaming Landscape
In detail, casino revenues for Wynn Macau surged by 272.5% year-on-year, amounting to roughly US$1.05 billion for H1 2023. This leap was propelled by the resurgence of gaming activities as travel restrictions were lifted. VIP table games saw an impressive spike of 356.4%, raking in about US$281 million, while revenues from mass-market table games soared 259.4%, accumulating nearly US$953 million. Slot machine earnings also experienced growth, with a 146.3% increase to around US$84.8 million.
Related: Wynn Resorts Reports Strong Q2 Financial PerformanceBeyond the casino, the group also witnessed substantial growth in non-casino sectors like accommodations, dining, and retail. They reported a robust year-on-year increment of 139.6%, equivalent to about US$315 million. With an optimistic view of the Special Administrative Region (SAR), Wynn Macau anticipates a further influx of visitors and numerous opportunities for business expansion and investments.
However, a word of caution was also added: the possible legalization of gaming in regions such as Japan, Taiwan and Thailand could heighten competition. This might pose a threat to Wynn Macau's current market leadership.
Golden Week: Anticipated Full-Scale Recovery
JP Morgan is optimistic about Macau's gaming revenue, projecting a full rebound to pre-pandemic levels by the 1 October Golden Week. This optimism stems from robust growth figures observed in early August. Specifically, analysts DS Kim and Mufan Shi highlighted an August Gross Gaming Revenue (GGR) of US$1.39 billion. This translates to a daily average of US$69.3 million, with a recent uptick suggesting a daily total of US$70.6 million, pointing to a boost in summer visitation rates.
Current indicators suggest that mass GGR is operating at 90-95% of pre-pandemic figures for the month. With the Q2 earnings wrapped up, the industry awaits the next GGR figures, and the pivotal Golden Week starts in October.
All six of Macau's major casino concessionaires unveiled their 2Q23 results, consistently showing quarter-on-quarter improvements. The significant number of reported figures is reminiscent of pre-COVID-19 mass gaming levels, marking a substantial recovery for the sector.
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