Daily Asia Gaming eBrief: Wynn Resorts significantly reduces loss in 3Q24

Tuesday 5th of November 2024

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Good morning. All in for Wynn Resorts. In the group’s 3Q24 results, the company managed to significantly reduce its losses, despite relatively flat revenue from its Cotai Strip property in Macau. The peninsula fared slightly better, while US operations also were relatively lackluster. But the UAE shines bright, and the company aims to keep shareholders happy during the buildout to 2027. Meanwhile, Macau is heading to the races, but the Grand Prix is likely to limit punters’ enthusiasm, causing November GGR to fall - in line with expectations.

What you need to know

Wynn Resorts managed to significantly reduce its loss in 3Q24, despite casino revenues not keeping up with expenses.
Macau's GGR is set to decline 13.5% MoM in November, largely due to seasonal trends and the upcoming Grand Prix.

On the radar

Paradise Co reports unchanged YoY casino revenue in October.
GKL with mixed performance in October amid market challenges.
Philippine Police pledge to end all POGOs by year-end.
IPI aims for constructive dialogue with the government on license disputes.
Thailand to double the capacity of six international airports by 2032.
House prioritizes POGO investigations as PH Congress reconvenes.

AGB Intelligence

RESULTS

Wynn Resorts significantly reduces debt in 3Q24

Wynn Resorts has been working hard to balance its books, demonstrated by a significant reduction in its loss for the third quarter. Despite spinning many plates - Macau, Las Vegas, Boston, the UAE - the company managed to increase its casino revenue during the period, while slightly reducing costs. Macau operations continued stable, with Cotai a bit flat, while US operations failed to impress on a yearly basis. Amongst its UAE push, scheduled for 2027, it aims to keep shareholders happy.

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