Tuesday, January 28, 2020
Martin Hennecke

Fall in casino revenues bite Macau operators
Wynn Macau (1128) saw its third-quarter net profit fall 53 percent from 12 months ago to US$103.7 million (HK$806.7 million). Overall operating revenue plunged 18 percent to US$1.07 billion as its casino business suffered a 20-percent decrease from last year to US$906 million. Operating revenue for Wynn Macau, one of the resorts, plunged 18.2 percent to US$474.3 million. And for Wynn Palace, operating revenues were US$598.2 million for the third quarter - an 18.1-percent decrease from 2018. Galaxy Entertainment (0027) also presented performance figures yesterday, reporting that adjusted earnings before interest, taxes, depreciation and amortization in the third quarter was up by 6 percent year-on-year to HK$4.1 billion. But that was down 5 percent quarter-on-quarter. Revenue fell by 2 percent year-on-year to HK$12.7 billion and 4 percent quarter-on-quarter. Group total gross gambling revenue fell by 10 percent year-on-year to HK$14.3 billion. It was down by 6 percent quarter-on-quarter. Gross revenue from mass gambling was HK$7.3 billion, up 11 percent year-on-year and 1 percent quarter-on-quarter. But gross revenue from VIP gambling was HK$6.4 billion, down 26 percent year-on-year and 13 percent quarter-on-quarter. Electronic gross gambling revenue was HK$641 million, up by 3 percent year-on-year and by 6 percent quarter-on-quarter. Galaxy Macau's adjusted ebitda was HK$3.2 billion - up by 7 percent year-on-year but down 2 percent quarter-on-quarter. For StarWorld Macau, adjusted ebitda was HK$828 million, down by 11 percent year-on-year and by 12 percent quarter-on-quarter. And Broadway Macau's adjusted ebitda was HK$2 million compared to HK$9 million in the third quarter of 2018 and HK$6 million in the second quarter of this year.
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