Group 1: Financial Performance - Wynn Macau's total revenue for Q4 2025 reached USD 0.97 billion, a year-on-year increase of 4.4% but a quarter-on-quarter decrease of 3.3%[2] - Adjusted EBITDA for Q4 2025 was USD 0.27 billion, down 7.5% year-on-year, with an adjusted EBITDA margin of 28.0%, a decline of 3.6 percentage points year-on-year[1] - For the full year 2025, total revenue was USD 3.72 billion, up 1.0% year-on-year, while adjusted EBITDA was USD 1.09 billion, down 7.7% year-on-year[1] Group 2: Gaming Revenue Insights - Total betting amount in Q4 2025 reached USD 11.93 billion, an increase of 34.5% year-on-year and 25.0% quarter-on-quarter[3] - VIP betting amount was USD 6.14 billion, up 47.8% year-on-year, but the VIP win rate was only 2.94%, lower than the expected range of 3.1% to 3.4%[3][10] - Gaming gross revenue (GGR) for Q4 2025 was USD 0.99 billion, a year-on-year increase of 6.8%, but below the industry growth rate of 15%[4][11] Group 3: Market Position and Outlook - Wynn Macau's market share in Q4 2025 was 11.98%, down from 13.06% in Q3 2025 and 12.97% in Q4 2024[5][13] - Management expressed optimism for 2026, anticipating continued high-end demand and plans for property upgrades to attract premium customers[6] - Capital expenditure for property upgrades is projected at USD 400-450 million for 2026 and USD 425-475 million for 2027[6]
25Q4净赢率偏低拖累经调整EBITDA利润率
Haitong Securities International·2026-02-13 11:32