Hong Kong – Wynn Macau (01128) released key first-quarter 2026 metrics extracted from the Form 10-Q of controlling shareholder Wynn Resorts. All figures follow U.S. GAAP and are stated in U.S. dollars.
Macau Operations Performance • Total Macau operating revenue rose 14.21% year-on-year to USD 989.19 million. • Wynn Palace revenue surged 23.0% to USD 659.34 million, fuelled by a 27.1% jump in casino revenue to USD 564.92 million. • Wynn Macau revenue was broadly flat at USD 329.85 million, as a marginal 0.4% lift in casino revenue to USD 276.73 million offset softer non-gaming income.
Gaming Detail • Wynn Palace VIP turnover increased 7.8% to USD 4.32 billion with win rate improving to 3.11% (2.61% a year earlier). Mass-market table drop climbed 15.6% to USD 1.97 billion, and slot handle advanced 17.1% to USD 860.52 million. • Wynn Macau VIP turnover declined 59.2% to USD 585.89 million; mass-market table drop grew 23.4% to USD 1.90 billion, while slot handle leapt 45.2% to USD 1.24 billion.
Profitability • Adjusted Property EBITDAR at Wynn Palace gained 25.9% to USD 203.82 million, outpacing revenue growth despite higher gaming taxes (+28.3%). • Wynn Macau EBITDAR contracted 16.2% to USD 75.62 million, reflecting increased gaming taxes and operating expense. • Net income attributable to non-controlling interests (mainly WML shareholders) climbed to USD 30.10 million from USD 8.70 million.
Balance Sheet & Liquidity • Unrestricted cash and equivalents stood at USD 850.94 million; investments (U.S. treasuries and fixed deposits) added USD 607.58 million. • Available borrowing capacity under the WM Cayman II revolving credit facility was USD 1.35 billion. • Outstanding Macau-related debt totalled USD 5.84 billion, comprising the USD 1.14 billion WM Cayman II revolver balance, USD 4.10 billion of WML senior notes (2027-2034 maturities) and USD 600.00 million of 4 ½% convertible bonds due 2029. Weighted-average interest on revolver borrowings was 4.43% at quarter-end. • The fair value of the embedded derivative on the WML convertible bonds fell to USD 9.0 million (31 March 2026) from USD 32.6 million at year-end, producing a USD 23.6 million mark-to-market gain. • Net foreign-currency swap liability narrowed to USD 20.2 million (USD 36.0 million at 31 December 2025), generating a USD 21.7 million gain during the quarter.
Capital Expenditure & Development • Q1 2026 capex reached USD 53.18 million at Wynn Palace and USD 37.77 million at Wynn Macau, primarily for property enhancements. • Construction of the 432-key Enclave at Wynn Palace is scheduled to start in 2H 2026, with a project budget of USD 900-950 million. Planned spend: USD 400-450 million in 2026 and USD 700-750 million in 2027. Maintenance capex for Macau Operations is budgeted at USD 70-80 million for 2026.
Dividend Proposal The WML board has recommended a final dividend of HKD 0.223 per share for FY 2025, payable 16 June 2026 subject to shareholder approval at the 28 May 2026 AGM.
Tax Macau casino-gaming profit exemption kept the group’s effective tax rate at 6.3% versus the U.S. statutory 21%.
Risk & Currency Exposure After foreign-currency swaps, a 1% shift in the USD/HKD rate would translate into a USD 4.40 million gain or loss.
Forward-looking statements in the Form 10-Q cite macroeconomic conditions, regulatory changes and currency movements as key uncertainties. Investors are urged to interpret the data within these parameters.
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