JPMorgan Securities said casino operator Wynn Resorts Ltd's Macau operations generated about $300 million in interest, taxation, depreciation, amortization, and rent (EBITDAR) total property-level revenue in the second quarter of 2024.
This represents a 11.7% sequential decline from the $339.6 million EBITDA recorded by Win Macao Inc in the first quarter.
The company operates the win palace resort (pictured) in kotai and also the win macao resort in the urban peninsula. win macao, Inc. is a subsidiary of the U.S.-based casino developer win resort.
Analysts Joseph Greff, Ryan Lambert and Samuel Nielsen said in a note on Monday that they "cut Macau property level EBITDAAR estimates for the second quarter of 2024 to $300 million from $313 million previously."
However, analysts said gaming gross revenue (GGR) projections for Win Macau "have risen to a moderate level" and now assume a MOP of $56.43 billion ($7.02 billion), or about 13% share of the overall GGR in Macau's market in the second quarter.
The agency expects Win Macau Inc WYN to report a net profit of $935 million in the three months to June 30.
JPMorgan team said it maintained an "overweight" rating on Wynn Resorts, calling it an "unnecessary valuation" and "considering Macau's second quarter of 2024 and the macro risks at home (consumer) and China (geopolitical)
Wynn Macau Inc WYN reported first-quarter operating profit of $998.6 million in May, up 9.7% from the previous quarter.
Vitaly Umansky, an analyst at Seaport Research Partners, observed at the time that Wynn Macao Ltd had "strong gains," with Macau's market share rising to "17.1%" in the first quarter of this year.
"While the increase was positive and better than expected, we do not expect any further substantial growth in market share by WIN going forward," Mr. Umansky added in his May note.
BY: 바카라사이트