Wynn Macau Ltd sprung a dividend surprise on Friday, declaring a final dividend for the year ended 31 December 2025 of HK$0.223 per share – up from HK$0.185 per share despite profit halving.
Releasing its FY25 results, the company said that net profit attributable to owners of the company decreased by 49.0% year-on-year to HK$1.63 billion (US$208 million), in part due to lower finance revenues and higher and a loss from change in derivatives fair value.
Total operating revenues increased by 0.9% to HK$29.0 billion (US$3.70 billion) in 2025, including a 3.4% increase in casino revenues to HK$24.4 billion (US$3.11 billion) – primarily due to higher casino volumes at Wynn Palace, partially offset by a decrease in VIP table games win at Wynn Macau, the company explained.
Mass market table games win increased by 2.3% to HK$22.8 billion (US$2.91 billion), with drop up 7.1%, while slot machine win rose by 9.7% to HK$1.82 billion (US$232 million) on a 22.4% increase in handle.
Net non-casino revenues, which include rooms, food and beverage, and retail and other revenues, decreased by 10.8% to HK$4.57 billion (US$583 million).
In a note, J.P. Morgan said the final dividend of HK$0.223 was 20% higher than anticipated and represents a full-year yield of 7.7%.
“While Wynn does not have a formal dividend policy, management anchors DPS (dividend per share) in absolute terms (versus the payout ratio, which was 132% in FY25), so we believe we could see a HK$0.446 per annum DPS going forward, which would translate into an impressive 8.4% yield and be the highest among listed casinos globally, per our analysis,” the investment bank said.
