Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Wynn Macau’s Second-Quarter Profit Increases 3 Percent

Wynn Macau Ltd., the casino operator controlled by billionaire Steve Wynn, reported earnings below analyst estimates due to disruptions from renovations and revenue declines from high-stake gamblers.

Adjusted property earnings before interest, taxes, depreciation and amortization, or Ebitda, declined 4 percent to $290.1 million, according to a statement by parent company Wynn Resorts Ltd. That was lower than the $296 million median estimate of nine analysts compiled by Bloomberg News.

The company began a renovation of about 600 guest rooms in its Wynn Macau tower last quarter and said the number of available room nights fell 5 percent as a result. Economic growth in China, where Macau gets most of its visitors from, is also slowing.

“The results in Macau were below our fairly low expectations,” wrote Joseph Greff, an analyst with JPMorgan Chase & Co., in an investor note. “Ebitda margins were 210 basis points below our estimate, reflective of a tough June on the mass table side and, to some degree, room renovation disruption.”

Table games turnover in Wynn Macau’s VIP segment was $29.9 billion for the second quarter of 2013, a 1.6 percent decline from $30.3 billion in the second quarter of 2012.

Wynn Macau is constructing a $4 billion casino on the Chinese city’s Cotai Strip, the Asian equivalent of the Las Vegas Strip.

Leighton Holdings Ltd., Australia’s largest builder, won the contract, worth A$2.8 billion ($2.6 billion) to design and build the luxury hotel and casino resort, Leighton said in a regulatory filing today.

Wynn Palace

The building, called the Wynn Palace, will open in early 2016 and will feature floral sculptures the size of “floats of the Rose Bowl Parade,” Wynn said. The company has also begun discussions with the government of Macau about renewing its casino concession there, he said.

Wynn Macau shares rose 1.9 percent to HK$21.15 in Hong Kong trading as of 9:48 a.m. today.

“The market has already digested the negative news as Wynn Macau dropped ahead of its earnings,” Lantis Li, a Hong Kong-based analyst at Capital Securities Corp., said by phone today. “The company is likely to underperform its peers for the next two years as it lacks new supply. Wynn Macau is more dependent on VIP gamblers whose growth is slowing.”

Betting receipts in Macau are expected to see a “visible” slowdown in the second half of 2013 as high-stakes players contribute a smaller share of casino revenue, the city’s Monetary Authority said July 17.

Net income rose to $227.3 million from $220.6 million a year earlier, Wynn Macau said in a Hong Kong stock exchange filing yesterday. Revenue gained 2.6 percent to $930.9 million.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.