Macau casino operator Wynn Macau Ltd Wynn Macau Ltd reported first-quarter operating profit of $998.6 million, up 9.7% from the previous quarter. Such sales were up 66.4% from $610.1 million in the first quarter of 2023, according to a filing with the Hong Kong Stock Exchange on Tuesday.

The company operates the Win Palace Resort (pictured) in Kotai and also the Win Macau Resort on the urban peninsula. Win Macau Inc is a subsidiary of win resort, Inc., a casino developer based in the United States.

Wynn Macau Inc Wynn posted adjusted profit, up 14.3% on interest, taxation, depreciation, amortization and rent (EBITDAR) to just under $339.6 million, up 118.0% from the prior year.

“We generated $340 million in EBITDA in the quarter with total gaming revenue [GGR] market share above both the previous quarter and 2019 exit rates,” Wynn Resorts Group CEO Craig Billings said on a conference call with investment analysts on Tuesday.

“On a fully normalized basis, EBITDAAR will be around $320 million, as we remained above our expectations,” the CEO said. However, he added, “The strength of our business continued into the second quarter.”

JPMorgan Securities (Asia-Pacific) said in a note on Wednesday that WinMacao’s first-quarter real estate EBITDA “was able to reach its highest level in about a decade thanks to solid public market share and cost discipline of about 13.5% compared to 12.5% in the latest quarter.”

“Solid momentum continues well into the second quarter to date and volume volumes are 30% higher than pre-COVID levels, according to [Wynn] management,” wrote DS Kim, Selina Li and Mufan Shi analysts.

Wynn Macau Inc’s casino revenue rose 11.1% quarter-on-quarter to $820.1 million, compared to just under $447.1 million in casino revenue in the first quarter of 2023.

According to JPMorgan, mass GGRs including slots in Win Macao Inc “increased 9% quarter-on-quarter to reflect continued strength in premium mass, up 23% from pre-COVID and VIP rolling volumes increased 21% quarter-on-quarter to increase on a lower basis.”

On a real estate basis, Win Palace’s operating income rose 11.9% sequentially to $586.9 million, compared with $369.4 million in operating income the prior year.

Adjusted EBITDA of real estate was $202.4 million, up 18.3% quarter-over-quarter and up 82.2% year-over-year.

Wynn Macau Resort posted $346.4 million in operating revenue, up 96.4% year-over-year but down 10.3% sequentially.

The complex produced $137.2 million in adjusted EBITDA, up 9.1% from the fourth quarter of 2023, up 206.9% from a year ago.

Seaport Research Partners analyst Vitali Umansky wrote in a note on Wednesday that Win M

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