Wynn Macau (1128) H1 2026 earnings summary

Executive summary

• Operating revenues for the six months ended 30 June 2026 rose 14.4% year-over-year to HK$15.59 billion, driven by strong mass market and slot machine performance.

• Net profit attributable to owners surged 570.5% to HK$1.55 billion, reflecting improved operating leverage and a significant gain from derivatives fair value changes.

• Adjusted EBITDA increased 14.7% to HK$3.98 billion, with margin expansion supported by higher mass market volumes.

• An interim dividend of HK$0.223 per share was declared, payable on 24 September 2026.

Financial highlights

• Casino revenues grew 17.2% to HK$13.35 billion, with mass market table games win up 19.9% and slot machine win up 32.8% year-over-year.

• VIP table games win declined 14.6% year-over-year, while VIP turnover dropped 22.6%.

• Non-casino revenues remained flat at HK$2.24 billion, with room revenues down 3.0% and food and beverage up 3.3%.

• Operating profit increased to HK$2.44 billion from HK$2.02 billion year-over-year.

• Operating costs and expenses increased 13.3% to HK$13.16 billion, mainly due to higher gaming taxes, staff costs, and other operating expenses.

Outlook and guidance

• Construction of the Enclave at Wynn Palace, a 432-key all-suite hotel tower, is set to begin in H2 2026 with a budget of HK$7.0–7.5 billion and completion expected in 2.5 years.

• Total project capital expenditures for enhancements and new developments expected at HK$8.5–9.5 billion for 2026–2027.

• Maintenance capex for 2026 projected at HK$540–630 million.

• Management expects sufficient liquidity to meet operational and capital needs, with HK$7.41 billion in cash, HK$4.14 billion in short-term investments, and HK$10.56 billion in available borrowing capacity.