Wynn Macau Inc EBITDA of $917 million for 2023: Analysts

Casino operator Wynn Macau is likely to earn $917 million in adjusted earnings this year before interest, taxes, depreciation, amortization and rent (EBITDAR), according to a Friday report from CreditSight, a subsidiary of Fitch Group.

“This exceeds both our original standards ($632 million) and our fire ($892 million) cases,” the agency said.

EBITDA margin in Q2 of this year reflected a “meaningful margin improvement,” with an increase of 300 basis points compared to the same period in 2019. In other words, it was before the pandemic.

Win Macao Inc. operates win macao properties on the city peninsula and win palis in Macau’s kotai district.

CreditSights said the game-product mix for game operators has shifted to a “margin-friendly public market” as well as “higher-than-expected business volume and improved cost-effectiveness.”

Based on updated projections, Wynn Macau Inc’s total leverage “may settle by about 7.4x by the end of 2023.”

Wynn Macau Inc Wynn reported a net profit of $61 million in the second quarter last week, and a net loss of just under $49.8 million in the first quarter.

Wynn Macau Inc’s Q2 adjusted EBITDAAR rose 58.0% in a row to $246.2 million. That compares to a negative figure of $90.3 million a year ago.

“Win’s Macao business continues to benefit from an accelerated monthly healthy recovery since China lifted Covid travel restrictions in early January,” said CreditSite, which first mentioned its U.S.-based parent Win Resorts Inc.

The financial institution also observed, referring to Macao operations, that “Win’s daily drop in July, in particular, reached 120% of 2019 levels.”

“Given the trends to date and our constructive view of the [Macao] region, Wynn Macau’s bonds provide the most attractive return for investors “among U.S. operators in the region,” the credit site said.

For the record, Macao operator MGM China Holdings, which operates MGM Macau and MGM Kotai, said it had a yield of 5.875 per cent in 2026, while Wynn Macau had a yield of 5.5 per cent in 2026.

BY: 먹튀검증

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