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Macao to close amusement venues, second time since epidemic began
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Wynn Macau Ltd saw its adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) grow in the first three months of 2021 from the preceding quarter, with the parent company saying its bet on focusing on premium-mass gambling customers paid off.
Nonetheless, the quarterly loss at the Macau unit widened year-on-year, to US$161.2 million, from nearly US$154.2 million in the first three months of 2020, the Macau unit said in a Tuesday filing to the Hong Kong Stock Exchange.
United States-based parent company Wynn Resorts Ltd said on Monday in a U.S. filing, that the Macau casino firm’s adjusted property EBITDA for the Macau market hit US$43.9 million in the first quarter, up by 11.4 percent from the fourth quarter of 2020. The first-quarter figure was 49.5-percent higher than a year earlier.
The management of United States-based casino operator Wynn Resorts Ltd says its Macau unit recorded the “highest amount of normalised profit” per day during May Golden Week, since the onset of the Covid-19 pandemic at the beginning of last year.
Matt Maddox, the group’s chief executive, said the growth momentum seen in February and March in the Macau market, “continued in April and May”. He was speaking on Monday, in a conference call with investment analysts following the group’s first-quarter results announcement.
Wynn Resorts is the parent of Wynn Macau Ltd, which runs the Wynn Macau complex (pictured) on the city’s peninsula, and the Wynn Palace casino resort in the Cotai district.
Wynn Resorts Ltd has upped by 18.2 percent the number of common-stock shares it intends to offer to the public on an underwritten basis, and by the same percentage the number of additional shares it will proffer as an option for the underwriters.
It would push up the gross amount to be raised by the exercise to US$747.5 million on the public offer, with the possibility of a further US$112.1 million via the option for the underwriters.
The net proceeds from the offering are to be used for “general corporate purposes,” said the group. Wynn Resorts is the parent of Macau casino operator Wynn Macau Ltd.
GGRAsia – Wynn reconfiguring Macau venues, eyes more market share
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