Wynn Macau emerges as strongest performer in Q2

Wynn Macau Ltd. was the strongest performer among Macau’s six casino concessionaires in the second quarter, gaining market share as Sands China’s hold-adjusted earnings share fell to a record low, according to J.P. Morgan.

Wynn’s gross gaming revenue market share rose 20 basis points quarter over quarter to 14%, its highest level in two years, the investment bank said in an analysis of company results. Its hold-adjusted EBITDA share climbed 200 basis points to 16%, helped by stronger-than-normal mass-market table-game hold.

Sands China remained Macau’s largest operator by GGR, with a 24% share, but its share fell about 2 percentage points from the previous quarter. Galaxy Entertainment ranked second at 21%, followed by MGM China at 17%, Melco Resorts at 15%, Wynn at 14% and SJM Holdings at 10%.

On a hold-adjusted EBITDA basis, Sands China accounted for 27%, down 220 basis points to a record low, while Galaxy held 23%. Wynn and MGM each recorded 16%, followed by Melco at 13.5% and SJM at 5%.

Performance also varied across individual properties. MGM Cotai gained 70 basis points of GGR share, while Wynn Palace and Wynn Macau each advanced 60 basis points. Sands China’s Londoner Macao reached an all-time high GGR share of 10.1%, but this was offset by continued declines at The Venetian Macao, whose share fell to 7.6%.

Across the market, combined mass-table and slot GGR rose 4% year over year. VIP GGR fell 29%, while hold-adjusted EBITDA declined 3%.