Wynn Macau Ltd posted USD43.9 million in adjusted property earnings before interest, taxation, depreciation and amortization (EBITDA) during the first quarter of this year, up around 11% from the preceding quarter and 49.5% year-on-year, according to the quarterly finance report released by the group on May 10.
This is the second consecutive quarter the group generated a positive value in EBITDA, after suffering negative results for six months.
In an earning call following the release of the result, Matt Maddox, chief executive of Wynn Resorts Ltd, disclosed that the Macau operation raked in USD3 million in normalized EBITDA per day over the May Day holiday, which is the highest tally since the coronavirus outbreak.
Maddox ascribed this strong performance to the group’s shift in focus to the mass and premium mass market.
“In Macau, we experienced continued gradual improvement in visitation trends driving particular strength in premium mass casino and luxury retail,” he stated in the financial report.
The occupancy rate at Wynn Macau’s two integrated resorts during the May Day holiday stood at 93%, whilst retail sales also displayed a surge of 80% compared to 2019 levels.
Despite a sharp improvement in EBITDA in the first quarter of this year, the operating revenues for Wynn Palace and Wynn Macau dropped respectively 8.5% and 21.7%, year-on-year, in the first quarter of this year.
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