Wynn Macau Limited delivered consolidated QQ3 2024 results with revenue of HKD 7.003 billion, a year-over-year increase of 9.1% and a quarterly decline of 4.9% from QQ2 2024. Gross profit amounted to HKD 2.842 billion, yielding a gross margin of 40.6%, while EBITDA reached HKD 1.796 billion and operating income HKD 1.209 billion, corresponding to EBITDA and operating margins of 25.6% and 17.3%, respectively. Net income stood at HKD 803 million, with a net margin of 11.5%, and diluted EPS of HKD 0.14. Free cash flow (FCF) was HKD 1.600 billion, supported by HKD 1.944 billion of operating cash flow and capital expenditure of HKD 347 million. The company ended the period with a robust cash position of HKD 11.33 billion but remains significantly leveraged, with total debt of HKD 44.98 billion and net debt of HKD 33.64 billion, against negative shareholders’ equity of HKD 13.29 billion. The balance sheet reflects a meaningful equity impairment/liability load, underscoring the high‑leverage nature of Wynn Macau. The Macau market backdrop remains a critical driver: ongoing mass‑market rebound and premium mass strength, albeit with cyclicality and regulatory risk that could influence future volumes and pricing. The QQ3 print reinforces Wynn Macau’s ability to generate solid cash flow even as it navigates a capital‑intensive, highly cyclical business in a recovered but still uneven Macau gaming environment. Management commentary on guidance was limited in this quarter, with emphasis on liquidity preservation, cost discipline, and market normalization in Macau, suggesting a cautious but constructive stance for investors.