MACAU BUSINESS Wynn Macau’s Q2 EBITDA up 13.9 pct y-o-y
17.4 percent decline. A
The same trend occurred with Wynn Macau Limited’s operating revenues for the three-month period ending on June 30. The US$885.3 million mark is 15 percent up from the second quarter of 2023, but 11.3 percent down from the January-to-March period of 2024.
According to the company’s release, the group’s Wynn Macau property on the peninsula saw a US$74.4 million drop in operating revenues compared with the first quarter. The same announcement indicates that the Wynn Macau casino table games win percentage in mass market operations was 17.5%, below the 17.7% experienced in the second quarter of 2023.
The group’s Cotai property, Wynn Palace, had a better performance, accounting for 62 percent of the total operating revenues of Wynn’s operations in the SAR, posting a small quarter-to-quarter decline of US$38.9 million.
Melco’s operating revenues, EBITDA edge up in Q2 G
aming and integrated resorts operator Melco Resorts & Entertainment announced that it generated Adjusted Property EBITDA of US$302.8 million in the second quarter of 2024, slightly higher than the US$298.8 million recorded in
the previous three-month period.
Total operating revenues also edged up in the quarter ending June 30 to US$1.16 billion, compared with US$1.11 billion in the first quarter. On a year-on-year basis, there was a 22 percent increase, the company announced in its second-quarter unaudited earnings release. Net income attributable to Melco Resorts & Entertainment Limited also improved in the April to June period to US$21.4 million, up from US$15.2 million in the first quarter. Melco Resorts & Entertainment operates casino-resorts in Macau—where the lion’s share of its revenue comes from—as well as in the Philippines and Cyprus. Melco’s Macau properties and operations—City of Dreams, Altira Macau, Studio City, and Mocha Clubs—altogether accounted for 85 percent of the group’s total operating revenues.
djusted Property EBITDAR of the Macau properties of Wynn Resorts, Limited reached US$280.4 million in the second quarter of 2024, the gaming giant announced. This figure represents a 13.9 percent year-on-year increase; however, when compared with the previous quarter, it reflects a
Casino-based illegal money changing to be criminalised under new bill U
nauthorised money changers could face a maximum five-year jail term under a bill to combat illegal gambling in public places.
Lawmaker Chan Chak Mo, who heads a Legislative Assembly committee studying the details of the bill, told the media that the proposal had received a positive response from the majority of lawmakers. The jail term for currency conversion offences ranges from one month to five years. The proposed provision also applies to ancillary facilities for commercial purposes, such as hotels and performance venues – covering the entire premises of an integrated resort. “All ancillary facilities specifically used for the operation of gambling and other ancillary facilities dedicated to art, cultural, recreational, business or hotel-related activities will be considered part of the ‘casino’,” the lawmaker explained.
Those found guilty could also be banned from casinos for between two and 10 years. The legislation is expected to reach the legislature for a final vote before the end of the year, he added. The recent decision to criminalise such underground activity is a U-turn from previous discussions. Last year, more than 2,000 people were banned from entering casinos as a result.
SJM H1 net revenue up 47 pct S
JM Holdings has reported a year-on-year rise of over 47 per cent in net revenue for the first half of 2024, alongside a 50 percent increase in gross gaming revenue (GGR).
According to an unaudited announcement from the casino operator, group-wide net revenue for H1 stood at HK$13.8 billion (US$1.77 billion/MOP14.2 billion), versus HK$9.36 billion booked in the same period in 2023.
In comparison with the same period in 2019, the H1 result represents a recovery to 81 percent of the pre-pandemic lelevs.
Meanwhile, the casino operator managed to significantly reduce its loss to HK$162 million from HK$1.26 billion a year earlier.
As for the GGR of HK$13.8 billion, there was a 67.5 percent recovery compared to 2019. 32 OCTOBER 2024
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