HK Stock Market Move | WYNN MACAU (01128) Falls More Than 4% Again; Third-Quarter Gaming Revenue Below Expectations; Citi Says Dividends May Decline Next Year

WYNN MACAU (01128) fell more than 4% again. As of press time, it was down 4.51% at HK$4.025, with turnover of HK$11.4927 million. On the news front, Wynn Resorts, the US-listed parent company of WYNN MACAU, recently released its third-quarter financial results, in which Macau operations revenue fell 8.2% year-on-year to US$919 million, adjusted property EBITDAR fell 17.2% year-on-year to US$255 million, and EM fell 3.0 percentage points year-on-year to 27.8%. Over the same period, Macau's gaming market GGR fell 3.8% year-on-year, while the company's GGR fell 8.0% year-on-year, underperforming the industry. A Citi research report noted that WYNN MACAU's third-quarter property EBITDA was US$255 million, about 9% below both market expectations and the bank's estimate, mainly due to lower-than-expected gaming revenue in the third quarter. Taking into account the upcoming capital expenditure budget and the relatively weak industry outlook, the bank believes there is downside risk to the company's dividend per share in 2027, but at current valuation it can still offer an implied dividend yield of about 9%.