Macau, China, May 7, 2025 (Lusa) - Gambling operator Wynn Macau announced on Wednesday operating profits of $127.1 million (€112.1 million) in the first quarter, down 38.3% compared to the same period in 2024.
According to a statement, the two properties operated by the company recorded revenues of $865.9 million (€763.4 million) between January and March, a drop of 13.3% compared to the same period in 2024.
Gambling at the Wynn Macau and Wynn Palace casinos accounted for the majority of the company's turnover, raking in $720 million (€635 million) in revenue, down 12.2 % on the first quarter of last year.
Craig Billings, executive director of the parent company, US-based Wynn Resorts, said in the same statement that high rollers were luckier than usual in the first quarter, something that "negatively affected results".
In this segment, known as VIP gambling, bets fell by just 1.25% at Wynn Macau's two casinos, but revenues fell much more, by 34.4% year-on-year, to $120.2 million (€106 million).
On average, casinos in the Chinese semi-autonomous region collect at least 3% of bets on VIP gambling, but this figure fell to 1.09% in the first three months of the year in the case of the Wynn Macau casino.
The so-called mass market remained by far the operator's main segment, accounting for revenues of $710.9 million (€627 million) between January and March, down 6.9% from the same period in 2024.
In 2019, the so-called VIP baccarat game accounted for 46.2% of Macau's total casino revenue. However, in the first three months of the year, this segment only accounted for 25.1%.
The arrest in November 2021 of the head of the world's largest VIP betting company affected big bets.
Alvin Chau Cheok Wa, the former executive director of Suncity, was sentenced in January 2023 to 18 years in prison. This case saw the number of gambling promoter licences issued in Macau fall from 85 to 18.
Wynn Resorts, which is building a hotel-casino in the United Arab Emirates, said it continues to "explore opportunities to develop additional gaming or gaming-related businesses in the domestic and international markets".
In a conference call with analysts following the announcement of the results, Craig Billings acknowledged that the company could bid for new casino concessions in Japan, but only "if the conditions were right".
Billings also gave the example of Thailand, a country that is discussing legalising casinos and which he described as "an incredible potential market, with unbelievable air transport, infrastructure, tourism, etc".
In addition to Wynn, five other gambling concessionaires - MGM, Galaxy, Venetian, Melco and SJM - operate in Macau, the only place in China where casino gambling is legal.
Billings said he did not expect any impact on Wynn Macau from the trade war created by the tariffs imposed by the United States on imports from China and the two Chinese regions of Hong Kong and Macau.
On Tuesday, the financial rating agency Fitch Ratings considered that the trade war could harm gambling operators in Macau, who would be "subject to retaliation" and vulnerable to the Chinese economic slowdown.
VQ/ADB // ADB.
Lusa
