Wynn Macau Limited (1128.HK) Q1 2025 Earnings Report

Wynn Macau Limited reported QQ1 2025 revenue of HKD 6.813 billion, with gross profit of HKD 2.636 billion and EBITDA of HKD 1.614 billion. The quarter produced operating income of HKD 1.009 billion and net income of HKD 115.3 million, with diluted EPS of HKD 0.02. Despite a resilient EBITDA level, the quarter reflected a material year-over-year and sequential decline in revenues and profits, driven by softer Macau gaming demand and a high pace of non-operating costs. The company generated free cash flow of HKD 1.159 billion, supported by operating cash flow of HKD 1.687 billion and capital expenditure of HKD 0.528 billion; dividends of HKD 0.484 billion were paid, contributing to a net cash outflow from financing activity of HKD 1.179 billion. Balance-sheet metrics highlight a leveraged position with total debt of HKD 45.594 billion and net debt of HKD 34.016 billion, against cash and cash equivalents of HKD 11.578 billion and negative stockholders’ equity of HKD -13.970 billion. The result underscores the chronic sensitivity of Wynn Macau to Macau’s gaming-cycle dynamics, including VIP and mass-market mix, as well as the necessity for deleveraging and prudent capital allocation. Management did not issue explicit quarterly or full-year guidance in QQ1 disclosures, indicating continued dependence on Macau market recovery and external macro factors. Investors should monitor liquidity, debt refinancing risk, cost control, and the pace of non-gaming revenue monetization as key indicators of longer-term resilience.