In 2024, Wynn Macau produced outstanding financial performance, more than doubling its profit over the year before. Despite intense competition in Macau’s casino industry, the corporation credited its success to a stable market share and rising gaming income.
Owner-attributable profit increased significantly from HK$1.17 billion in 2023 to HK$3.2 billion ($409 million). While non-gaming income stayed steady at HK$5.12 billion, casino revenue increased 23.6% year over year to reach HK$23.6 billion.
From HK$6.6 billion in 2023 to HK$8.2 billion ($1.18 billion), adjusted EBITDA increased by 24%.
Dividend Increase and Market Stability
In response to the strong performance, Wynn Macau’s board recommended a final dividend of HK$0.185 ($0.0237) per share, more than doubling the HK$0.075 ($0.0096) payout in 2023. The total dividend for 2024, including the interim dividend, reached HK$0.26 per share, representing a 43% payout ratio, according to JP Morgan analysts.
The dividend will be paid on June 11, with June 2 set as the record date. JP Morgan Securities (Asia Pacific) Ltd noted that “Wynn’s [Macau Ltd] dividend was a pleasant surprise.”
Despite increasing competition from newer and larger properties, Wynn Macau maintained its market share, largely due to its high-end clientele. Analysts DS Kim and Selina Li from JP Morgan highlighted the company’s strong brand appeal, stating, “Wynn’s best-in-class quality of assets still resonates well with its core patrons—high-end and aspirational players.”
Although Wynn Macau ended 2024 with an asset deficiency of HK$13.29 billion, the company held HK$11.33 billion in cash and cash equivalents (excluding restricted cash) and had an additional HK$2.75 billion in available borrowing capacity.
Despite this negative asset position, Wynn Macau expressed confidence in its financial strength. “Given the Group’s liquidity position as of December 31, 2024, the Group believes it will be able to support its continuing operations,” the company stated.
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