Asia round-up: Q3 special – Macau, Singapore & South Korea

Q3: Wynn’s meagre Macau revenue 

asia news round up q3 special

Wynn Resorts’ revenue from Macau totalled $75.2m and $40.4m at Wynn Palace and Wynn Macau respectively in its Q3 2022 report. Wynn noted that its casino operations at both properties were closed for a 12-day period in July 2022, as a response to an outbreak of Covid-19. 

Furthermore, for the third quarter of 2022 adjusted property EBITDA decreased by $33.9m at Wynn Palace and $41.9m at Wynn Macau.   

Wynn Resorts CEO Craig Billings said: “In Macau, while Covid-related travel restrictions continued to negatively impact our results, we were pleased to experience encouraging pockets of demand during the recent October holiday period.” 

Galaxy Entertainment Group Q3 revenue down 52% 

Staying in Macau, Galaxy Entertainment Group (GEG) has reported revenue of HKD$2bn (US$254.8m) for the third quarter of 2022, a 52% decline from the prior-year period. 

The total is also a 16% quarter-on-quarter decline, with the operator noting that revenue continues to be impacted by Covid-19 and travel restrictions. 

Adjusted EBITDA for the period was negative HKD$581m, compared with negative EBITDA of HKD$384m in the previous quarter. 

Galaxy Macau reported revenue of HKD$1.1bn for Q3 2022, down 62% and 25% year-on-year and quarter-on-quarter respectively. 

Genting Singapore revenue doubles year-on-year 

Over in the Pearl of the Orient, operator Genting Singapore posted Q3 revenue of SG$519.7m (USD$371m), more than doubling the revenue for the same period last year. 

The influx has primarily been driven by the performance of Resorts World Sentosa, which recorded a 96% year-on-year increase in revenue – totalling SG$382.0m. 

Meanwhile, Genting’s adjusted EBITDA for Q3 was SG$249.4m – which represented a huge 143% growth from 2021 

Much of this is down to the VIP market in Singapore’s casinos; with Macau now suffering through the side-effects of China’s zero-Covid policy, many of Asia’s VIPs have left the Chinese Gambling Hub for Singapore – a subject Gambling Insider covered in the Nov/Dec edition of the magazine, which will be available online soon. 

Kangwon makes KRW74.7bn profit for Q3 

In South Korea, Kangwon Land, the only casino operating in South Korea that allows locals to gamble, has made a net profit of KRW74.7bn ($54m) for Q3 2022.  

The company’s Q3 operating profit reached KRW118.72bn, up 70% sequentially, and up 389% year-on-year. 

Furthermore, Kangwon sales also hit KRW397.57bn, an increase of 62% year-on-year, while GGR was up by 61% from the prior-year period at KRW378.8bn. 

These results from Kangwon far outweigh the Q3 2022 results posted by South Korea’s foreign-player-only casinos. 

Paradise Co reported a net profit of KRW39.37bn in Q3 2022, while Grand Korea Leisure Co only mustered KRW4.97bn for Q3 2022.  

Perhaps there’s a lesson to be learned for South Korea’s lawmakers on the legalisation of gaming for locals at some point in the future.  

Grand Korea Leisure & Paradise Co bounce back, but can’t match Kangwon 

Grand Korea Leisure, an operator of South Korea’s famed foreigner-only casinos has revealed that it has made KRW4.97bn in net profit for Q3 2022. 

Earlier this year, the business saw a net loss of KRW7.99bn for Q2 2022, while last year it posted a KRW23.4bn net loss for Q3 – results that were mostly down to the ongoing effects of the Covid-19 pandemic. 

The casino operator runs two foreigner-only casinos in the capital city of Seoul and a further one in Busan. 

Meanwhile, Paradise has posted a Q3 net profit of KRW39.37bn from its foreigner-only casinos in South Korea, compared with its KRW6.19bn net loss for Q3 2021 – which represents a 112% annual rise. 

Although representing a marked recovery year-on-year, figures for both Paradise Co and Grand Korea Leisure fail to live up to Kangwon.

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