Published
Land-BasedCasinoFinancialIndustry

Asia round-up: Wynn Macau Q1; Bloomberry investment & Suncity

Wynn Macau, Wynn Palace Q1 revenues both down 

Asia News Round Up MACAU Web Image

Both Wynn Macau and Wynn Palace saw revenues continue to decrease in Wynn Resorts' Q1 revenue report.  

Wynn Palace’s operating revenues were $163.3m this quarter, down $74m year-on-year, while Wynn Macau saw a $44.6m decrease, down to $135.1m.  

Although Wynn posted a 29% revenue increase year-on-year, these gains are largely attributable to company activity in North American markets, particularly Las Vegas, where Q1 revenues reached $441.2m. 

At Wynn Palace, adjusted property EBITDA was $900,000 for the first quarter, a significant reduction on the $27.4m reported in Q1 2021.  

VIP table game win as a percentage of turnover was 2.05%, falling below the IR’s expected range of 3.1% to 3.4%, and down on the 4.38% turnover rate in the first quarter of 2021. 

Table game win percentage in mass market operations was also down on an expected rate of 21.7% at 20.9%.  

The picture was largely similar at Wynn Macau; adjusted EBITDA was only $4.7m for the first quarter of 2022, compared to $16.6m in the prior-year period. Table game win percentage was also down year-on-year, but only by 0.3% at 17.5%. 

And, somewhat surprisingly, VIP table game win as a percentage of turnover was above the property’s expected range of 3.1% to 3.4%, at 3.84%. It was also above the 3.25% experienced in the first quarter of 2021. 

This is scant consolation, however, for a market that continues to be hampered by persistent restrictions brought on by the Covid-19 pandemic.  

Particularly in Macau, operations continued to be negatively impacted by Covid testing and social distancing, in addition to revenue-killing travel bans. 

Bloomberry to invest in Cebu’s new Emerald Bay resort 

Bloomberry Resorts is set to buy a stake in Emerald Bay, an integrated resort (IR) being developed in Cebu, Philippines.  

Emerald Bay is due to open in Q1 2023 and will be the second resort in which Bloomberry has investments in, after Solaire Resort & Casino, which the company fully owns and operates. 

“Wynn Palace’s operating revenues were $163.3m this quarter, down $74m year-on-year, while Wynn Macau saw a $44.6m decrease, down to $135.1m” Wynn Resorts, Financial Report

Details of Bloomberry’s investment were detailed on the Philippine Stock Exchange, by Emerald Bay’s parent company PH Resorts Group. 

Bloomberry Resorts will transfer funds into Lapulapu Leisure, the company currently developing the new Emerald Bay Resort in Cebu’s Lapu-Lapu City. 

The owner of Solaire has also placed investment funds into Clark Grand Leisure, which is developing The Base Resort Hotel and Casino in Pampanga. 

The Term Sheet, which details investments, is subject to several closing conditions, including the execution of mutually acceptable definitive agreements; the approval of both regulators and creditors, corporate approvals and cooperation on due diligence. 

PH Resorts has announced it will provide further disclosures, including the potential impact Bloomberry’s investment of funds will have on the parent company of Emerald Bay, in due course.  

Emerald Bay Resort, which is being designed by Steelman Partners, is expected to include 600 slot machines, 122 gaming tables and a 270-room hotel. 

Beleaguered Suncity Group to sell two groups of subsidiaries 

Junket operator Suncity Group has struck an agreement to sell two groups of wholly owned subsidiaries, for an aggregate consideration of HKD1.00 (US$0.13). 

Suncity believes offloading its two groups of subsidiaries presents a great opportunity, to discharge a portion of its obligations to repay several loans and heavy interest fees incurred by numerous firms.  

The company expects to reduce its debt by HKD127.8M upon the completed sale of its subsidiaries. However, the details of the subsidiaries for sale remain unclear at present.  

Despite this, the sales will provide some overdue respite for a junket operator which is hanging on by its coattails; Suncity has fallen on hard times since Covid-19 ground the junket business to a halt, and since its CEO Alvin Chau was arrested in a high-profile tax fraud case.

Missed a big gambling industry story in Asia? Don't worry, Gambling Insider has you covered with our Asia round-up.


Casino News Sponsor
Premium+ Connections
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium Connections
Consultancy
Executive Profiles
Aristocrat Gaming
Resorts World Las Vegas
Star Sports Group
Hard Rock Hotel & Casino Tejon
Follow Us

Facing Facts: Analysing figures from emerging gambling markets

Where is the gambling market on the rise, and are there any...

Taking Stock: A guide to lottery/iLottery operator and supplier prices

Gambling Insider tracks lottery/iLottery operator and suppli...

New Horizons Cover Feature: United Arab Emirates

With its first land-based casino set to open in 2027 and a n...

New Horizons Cover Feature: Brazil

Brazil performed quite the feat by getting its heavily delay...

The best of Malta at the Global Gaming Awards

Powered by Gambling Insider, the Global Gaming Awards are th...

Preview: SiGMA Malta 2024

A place in the winter sun: SiGMA returns to the home of iGa...

Company profile: Soft2Bet

Bill 55: Advantages and challenges for Maltese operators in...

Company profile: DS Virtual Gaming

DS Virtual Gaming is a leader in the gaming industry, utilis...