Core Insights - Wynn Macau Limited reported strong financial results for its Macau operations in Q3 2024, with total operating revenue of approximately $1.001 billion, a year-on-year increase of 14.79% [2] - The EBITDA for the Macau operations reached approximately $308 million, reflecting a year-on-year growth of 17.27% [2] - The increase in operating revenue was primarily driven by a rise in gaming volume in Wynn Macau [2] Financial Performance - Total operating revenue from Wynn Palace was approximately $635.5 million, up 22.26% year-on-year, while EBITDA was about $200.3 million, increasing by 23.41% [2] - Wynn Macau's operating revenue for the third quarter was approximately $365.5 million, showing a year-on-year growth of 3.84% [2] - Total gaming revenue from Wynn Palace was approximately $542 million, reflecting a year-on-year increase of 29.8%, while Wynn Macau's gaming revenue was about $314 million, up 6% [3] Non-Gaming Revenue - Non-gaming revenue from Wynn Palace saw a decline in total room revenue, which was approximately $27.4 million, down 23.9% year-on-year [3] - The average daily rate (ADR) for Wynn Palace was $221, a decrease of 25.08%, and the revenue per available room (RevPAR) was $217, down 24.91% [3] - Wynn Macau's total room revenue was approximately $21.1 million, a decrease of 11%, with an ADR of $207, down 11.16%, and a RevPAR of $205, down 10.87% [3] Other Business Segments - Wynn Palace's food and beverage revenue was approximately $33.3 million, an increase of 5.7% year-on-year, while entertainment, retail, and other revenues were about $22.3 million, up 5.9% [3] - Wynn Macau's food and beverage revenue was approximately $17.3 million, down 11.2%, while entertainment, retail, and other revenues were about $12.5 million, increasing by 5.3% [3] Market Performance - As of November 7, Wynn Macau's stock closed at HKD 6.52 per share, down 1.81% [4]

Core Viewpoint - The company reported a strong recovery in its business segments for the first half of 2025, with significant growth in net income and EBITDA, driven by robust performance in the mid-market gaming sector [1][2]. Financial Performance - In H1 2025, the company achieved net revenue of $292 million, a year-on-year increase of 19.9% [1] - EBITDA, excluding the impact of the Vladivostok project impairment, was $200 million, reflecting a year-on-year growth of 38.5% [1] - The overall gross gaming revenue (GGR) reached $332 million, up 17.2% year-on-year [1] - The mid-market gaming table GGR was $162 million, increasing by 24.0% year-on-year [1] - The company’s comprehensive gross margin improved to 80.7%, a 1.8% increase year-on-year, primarily due to faster growth in the mid-market gaming table segment [2] Business Segment Analysis - The mid-market gaming table segment showed a gross margin of 91.9%, up 0.3 percentage points year-on-year [2] - High-end VIP business GGR recovered to 138.8% of the same period in 2019, with a year-on-year increase of 89.0% [1][2] - The company’s administrative expenses were reduced by 35.6% year-on-year, contributing to improved EBITDA and net profit margins [2] Competitive Advantage - The company holds exclusive operating rights in the Phnom Penh area until 2045, enhancing its competitive position in Southeast Asia [3] - Cambodia's gaming tax rates are competitive, at 7% for mid-market GGR and 4% for non-mid-market GGR, allowing the company to offer attractive commission policies to high-end clients [3] Growth Outlook - The company is expected to maintain steady growth in the medium to long term, supported by ongoing foreign direct investment and increased tourism demand [3] - Projections for EBITDA from 2025 to 2027 are $401 million, $445 million, and $487 million, respectively [3] - The company is rated as a strong buy due to its exclusive operating rights and sustainable growth potential, with a 2025 EV/EBITDA of 7.4x and a P/E of 11.4x [3]