Macau casino operator Wynn Macau Ltd continues to enjoy a strong recovery, as latest figures show the company’s mass drop in October 2023 was up 24 percent from the same month in 2019.
Wynn Macau’s Strong Recovery Extending into 4Q
October’s results were boosted by the autumn Golden Week, a holiday in mainland China during which the country sees a huge surge in cross-border trips. This is considered among the busiest periods for Macau operators as they cater to an influx of Chinese visitors.
During Wynn Resorts Ltd’s recent earnings call, Group CEO Craig Billings revealed that October 2023’s mass drop went 24 percent above October 2019. Hotel occupancy was also at 98 percent of 2019’s figures, accompanied by healthy tenant retail sales.
Adjusted earnings before interest, taxation, depreciation, and amortization (EBITDA) per day for October also went beyond October 2019, though market share was lower, Billings added.
This follows strong results posted by the operator during the third quarter, with multiple key areas of the business trending well above 2019 levels, according to Billings. Wynn Macau Ltd operates two properties in the region – Wynn Macau and Wynn Palace Cotai.
Update on Wynn Al Marjan
Billings also provided a few updates on their integrated resort project in the United Arab Emirates (UAE), saying the hotel tower foundation is nearly complete. Wynn Al Marjan is located in Ras Al Khaimah and is slated to open in 2027.
