Wynn Macau reports strong 2024 earnings, ups dividend amid market stability

Wynn Macau posted a sharp increase in annual profit for 2024, with earnings more than doubling from the prior year, as the casino operator benefited from steady market share and strong gaming revenue growth.  

The company said profit attributable to owners surged to HK$3.2 billion ($409 million), up from HK$1.17 billion in 2023. Casino revenues climbed to HK$23.6 billion, a 23.6% year-on-year increase, while non-gaming revenue remained stable at HK$5.12 billion.  

Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 24% to HK$8.2 billion ($1.18 billion) from HK$6.6 billion in 2023.  

Wynn Macau’s board recommended a final dividend of HK$0.185 ($0.0237) per share, significantly higher than the HK$0.075 ($0.0096) declared in 2023. The total 2024 dividend per share reached HK$0.26, including an interim dividend of HK$0.075, reflecting a 43% payout ratio, according to analysts at JP Morgan.  

The dividend will be payable on June 11, with a record date set for June 2. “Wynn’s [Macau Ltd] dividend was a pleasant surprise,” JP Morgan Securities (Asia Pacific) Ltd said in a note.  

Despite increased competition from larger and newer properties in Macau, Wynn Macau’s market share remained stable throughout 2024, supported by its high-end clientele.  

“Wynn’s best-in-class quality of assets still resonates well with its core patrons—high-end and aspirational players,” JP Morgan analysts DS Kim and Selina Li wrote.  

The firm’s brand positioning and customer base “bode well for Wynn’s sustainable [Macau] edge and earnings power in the long run,” the note added.  

Wynn Macau ended 2024 with a reported deficiency in assets of HK$13.29 billion, though it maintained a total cash and cash equivalents balance (excluding restricted cash) of HK$11.33 billion. The company also had HK$2.75 billion in available borrowing capacity.  

Despite the negative asset position, the company expressed confidence in its financial health.  

“Given the Group’s liquidity position as of December 31, 2024, the Group believes it will be able to support its continuing operations,” Wynn Macau said in a statement.