Morningstar | WML Update
Wynn Macau’s casinos on the Macau Peninsula had lost market share to Cotai casinos, but this has changed. Wynn's first Cotai-based casino, Wynn Palace, opened in August 2016 and has regained market share. The new property has 1,700 hotel rooms, 70% more than the Wynn Macau property's room count, allowing Wynn to provide more complimentary rooms to its high-value gaming customers. The rooms range from 68 square metres to 269 square meters in size, versus 33 sqaure metres to 72 square meters at the Parisian. This means Wynn Palace is targeting premium customers, which should lead to high margins. Wynn Macau received 100 new gaming tables from the government upon the opening of Wynn Palace; it received 25 more at the beginning of 2016 and another 25 in 2017.Our checks indicate that Wynn Macau was previously weaker at casino analytics. This too has changed. Management has put more focus on driving efficiency, such as placing higher-yield games at more prominent locations. The group is also building marketing analytics teams to analyse customer behaviours and marketing events' efficiency to attract customers. Wynn Palace has ramped up very well amid a recovery in the gaming market. Its adjusted EBITDA per table per day rose from $1,890 in the third quarter of 2016 to $7,730 in the third quarter of 2018, thanks to a strong premium market recovery, removal of construction barricades nearby, and reconfiguration of the casino floor.Wynn Macau is a holding company. Co. is a developer, owner and operator of destination casino gaming and entertainment resort facilities in Macau. Through its subsidiary, Wynn Resorts (Macau) S.A., Co. owns and operates the destination hotel and casino resort Wynn Macau in Macau. In addition, Co. is engaged in the development, design and preconstruction activities.
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