Wynn Financial Overview (US$m) 2023 H1
Total group net revenues 10,738 Net gaming revenue Adjust EBITDA
8,271 2,764
Galaxy Financial Overview (US$m) 2023 H1
Total group net revenues 15,715 Net gaming revenue Adjusted EBITDA
13,724 4,380
2022 5,643
3,695 (1,948)
2022 11,474
7,516 (553)
2021 11,725
8,973 383
2021 19,695
17,333 3,537
2020 7,612
5,538 (2,063)
2020 12,876
11,516 (1,020)
2019 36,161
30,850 9,568
2019 51,902
59,356 16,479
the Macau East Asian Games Dome and offers a total of 1,900 rooms and suites via three luxurious hotel towers – the Grand Lisboa Palace, the Karl Lagerfield Macau and Asia’s first Palazzo Versace Macau. Te gaming floor covers 521,435sq.m. Te other SJM casinos include: Casino Grand Lisboa, Casino Lisboa, Casino Oceanus at Jai Alai, Casino Ponte 16, Casino Casa Real, Casino Emperor Palace, Casino Fortuna, Casino Grandview, Casino Kam Pek Paradise, Casino Landmark, Casino Le Royal Arc and Casino Legend Palace.
SJM has an 11.8 per cent share of Macau’s gaming revenue including almost 15 per cent of mass market table gross gaming revenue and 3.5 per cent of VIP gross gaming revenue. Net gaming revenue for the first half of 2023 was HK$8.69bn compared to HK$3.81bn for the same half year in 2022. Net gaming revenue in 2022 was HK$3.6 billion less compared to 2021 (a drop of 37 per cent).
Te Grand Lisboa Palace Resort reported gross revenues of H$687m in 2022. For the first half of 2023 GGR was HK$1.43bn compared to HK$417m for the first half of 2022. Hotel occupancy was almost 84 per cent compared to 34 per cent for the first half of 2022.
SJM’s half year report said: “Since around the end of 2022 Covid-19 related travel restrictions were materially relaxed for visitors from the Mainland, Hong Kong and Taiwan, and subsequently for other areas. Currently there are no requirements for health tests, vaccines or quarantine for visitors to Macau. After almost three years of severely inhibited travel, visitation to Macau showed a robust recovery in the first half of 2023.
“Under the new gaming concession SJM has committed to invest an aggregate of MOP14bn during the life of the new concession period. Te total amount of non-gaming investment obligations is obliged to further increase when the overall gross gaming revenue in Macau exceeds MOP180bn before 2027.”
P60 WIRE / PULSE / INSIGHT / REPORTS
WYNN RESORTS
Wynn Resorts operates two casino resorts. Te first, Wynn Macau, opened in 2006 in the heart of the peninsula and was Macau’s first Las Vegas style resort and Wynn’s first foray into Asia. It offers more than 1,000 rooms across two hotel towers – the Wynn Tower and Encore Tower - plus 14 dining options, retail, and leisure facilities. Tere is 294,000sq.ft of casino space with 276 tables and 567 slots.
Te second resort, the Wynn Palace, opened in 2016 in Cotai. Tis location is currently being redeveloped to include further amenities such as theatre, event space, interactive entertainment installations, dining, and non- gaming offerings.
Te casino is currently 468,000sq.ft with 287 tables and 560 slots. Te hotel offers 1,700 rooms plus there are 14 dining options and retail outlets plus leisure facilities including cable car.
Te first half of 2023 saw casino revenues of HK$8.2bn compared to HK$2.2bn for the same half year in 2022.
Total operating revenues in 2022 decreased by more than 50 per cent from HK$11.7bn in 2021 to HK$5.64bn in 2022 resulting in a decrease in gaming volumes due to Covid restrictions mostly relating to travel.
Casino revenues saw a drop of 65 per cent partly due to the knock-on effect as the casinos were shut in July that year for a 12 day period.
In 2019 casino revenues were at HK$30.8bn and a year later they had dropped by 73 per cent due to Covid closures and travel restrictions. VIP table games revenue decreased by 86 per cent.
Total VIP table game turnover in 2022 dropped by more than 62 per cent. Hotel occupancy for Wynn Palace was just 38 per cent last year and Wynn Macau was at 41 per cent compared to 98 per cent on average for the two hotels in 2019.
GALAXY CASINO
Galaxy Entertainment Group operates three flagship destinations in Macau under the Galaxy Macau brand and a city club called Waldo Casino. Two city clubs closed down last year taking their number of total operations from six to four.
Galaxy Macau is a large integrated resort which opened in 2011 on Cotai and included three hotels the Banyan Tree Macau, Hotel Okura Macau and Galaxy Hotel. In 2015 it expanded and doubled in size to include three new hotels – the Ritz Carlton, JW Marriott and Broadway Hotel – also linking up to the Broadway Macau. Tere are a total of 4,000 rooms across the six hotels.
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