Wynn Macau H1 profit surge on casino growth

Wynn Macau

27/08/2026 13:32

Overview
Macau casino operator's H1 operating revenue and net profit rose sharply yr/yr
Casino revenue was main growth driver for the period
Company declared interim dividend of HK$0.223 per share for H1

Outlook
Wynn Macau expects Enclave at Wynn Palace construction to begin in H2 2026 and span 2.5 years, with a $900-950 mln budget
Group expects $350-400 mln of Enclave and resort-enhancement capex in 2026 and $750-800 mln in 2027

Result Drivers
MASS-MARKET GAMING – Casino revenue rose 17.2% to HK$13.35 bln, primarily driven by higher mass-market gaming volumes
DERIVATIVES FAIR-VALUE SWING – Net profit benefited from a HK$691.0 mln derivatives gain, versus a HK$177.3 mln loss a year earlier
HIGHER OPERATING COSTS – Staff costs rose on salary increments and more employees, while other operating expenses increased on license fees, cost of sales and credit-loss provisions

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Operating Revenue
 
HK$15.59 bln
 
H1 Net Income Attributable
 
HK$1.55 bln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the casinos & gaming peer group is "buy"
Wall Street's median 12-month price target for Wynn Macau Ltd is HK$7.00, about 22.5% above its August 27 closing price of HK$5.72
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads
Aug 25 - Hong Kong's SJM Holdings H1 net revenue falls 21%
Aug 24 - NZ's SkyCity says it turned down two takeover approaches in May
Aug 27 - Hong Kong's Shangri-La Asia H1 net income surges, partly helped by lower interest expenses

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)