Your Daily Asia Gaming eBrief: Fitch: Wynn Macau with FY23 EBITDAR of $917mln

Tuesday 15th of August 2023

Good Morning. Just keep Wynning. That's the expectation by analysts at Fitch, who predict Wynn Macau's adjusted EBITDAR could top $917 million this year, benefiting from the city's overall shift to higher-margin mass play. And in the Philippines, PAGCOR aims to privatize its casinos by 3Q25 "at the earliest", while continuing to defend legitimate POGOs, despite still not having a third-party auditor. Meanwhile, LET-controlled Suntrust is progressing with its Westside City project, as it narrowed its loss in 2Q23.

ASEAN Gaming Summit, asia gaming ebrief, Philippines

What you need to know

Wynn Macau is expected to reach $917 million adjusted EBITDAR in 2023, driven by mass market growth and higher volumes: Fitch.
PAGCOR sees "stop-gap" auditor in Commission of Audit, aims to privatize casinos by 3Q25 "at the earliest".
LET-controlled Suntrust loss narrows to $2.9 million in 2Q23, progresses Westside City Project development.

On the radar

Newport World Resorts delivers in 2Q23, backed by VIP play.
AGEM Index rises 4.1 percent in July.
APE returns to profit in 2Q23, on EGE sales and distribution.
Macau top choice for mainland outbound tourists in 1H23.
Paradise City teams up with Ctrip to lure Chinese tourists.
China: over 60k gambling-related suspicious transactions in 2022.

AGB Intelligence

MACAU

Wynn to reach adjusted EBITDAR of $917mln in FY23: Fitch

Analysts at Fitch are expecting Wynn Macau to achieve an adjusted EBITDAR of some $917 million in 2023, based upon strong results seen in the first half-year. Fitch ratings' CreditSights division notes that this was driven by the shift to higher-margin 'mass market, higher-than-expected business volumes, and improved cost efficiencies'. The group notes Macau's overall shift away from junkets and VIP are improving EBITDA figures across the concessionaires.