Changes in Hong Kong stocks | Wynn Macau (01128) fell more than 4%, and third-quarter gaming revenue fell short of expectations, Citi says next year's dividend payment or decline

The Zhitong Finance App learned that Wynn Macau (01128) fell by more than 4%. As of press release, it decreased by 4.51% to HK$4.025, with a turnover of HK$11.492,700.

According to the news, Wynn Resorts, the parent company of Wynn Macau, recently released financial results for the third quarter. Among them, operating revenue from the Macau business was -8.2% YoY to US$919 million, adjusted EBITDAR -17.2% YoY to US$255 million, and EM -3.0pct YoY to 27.8%. During the same period, the Macau gaming market's GGR was -3.8% year-on-year, and the company's GGR was -8.0% year-on-year. The performance was weaker than that of the industry.

According to Citigroup Research, Wynn Macau's property EBITDA for the third quarter was US$255 million, about 9% lower than market expectations and the bank's estimates, mainly due to lower gaming revenue in the third quarter than expected. Considering the upcoming capital expenditure budget and poor industry prospects, the bank believes that there is a downside risk in the company's 2027 dividend payout per share, but it can still provide an implied dividend rate of about 9% according to the current valuation.