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Macau casino operator Wynn Macao Ltd's operating revenue fell 11.3% from the previous quarter to $885.3 million in the second quarter. Those sales were up 15.0% from $700 million a year earlier, according to data filed Tuesday by parent company Wynn Resorts Ltd.

The group operates Win Palace Resort (pictured) in Kotai, and also operates Win Macau Resort in the urban peninsula.

Wynn Macau posted adjusted net income before interest, taxation, depreciation, amortization and rent (EBITDAR) of just under $280.4 million in the second quarter, down 17.4% quarter-on-quarter but up 13.9% year-on-year.

"We generated $280 million in EBITDA in the second quarter with a slightly lower market share than we experienced in the last few quarters and a slightly lower Q1 volume," Wynn Resorts Group Chief Executive Craig Billings said on a conference call with investment analysts on Tuesday.

"There's a lot of talk in the [Macao] market about Macau's high public relations environment, and investors are competing for market share," Billings said.

"Of course, we are fiercely competing for market share on a daily basis, but we cannot take market share to the bank, so we continue to remain disciplined at the level of our operational costs and player reinvestment highlighted by strong EBITDA margins in the quarter, which is 250 basis points higher than in the second quarter of 2019," he added

The CEO said that while "dynamic" phenomena in the Macau market have been observed before, he remains confident in his ability to "compete effectively over the long term."

"The recovery of GGR [total game sales] market share to its expected range in July was driven by a strong mass table decline and 99% hotel share," Billings said.

J.P. Morgan Securities (Asia Pacific) said in a note on Wednesday that Wynn Macao Ltd's Q2 EBITDA results "were below consensus" from investment analysts due to shortcomings in volume and non-gaming sales "despite understated operational/public relations spending."

Analysts DS Kim, Mupan Xie and Selina Li explained that Win Macao was the "biggest stock donor, with its GGR market share down 150 basis points to 12.7% in the second quarter, compared to 14.2% in the first quarter and 13.5% in the second half of 2023."

"While the company's headline GGR was down 12% quarter-on-quarter as it lost share in both VIP and mass, the latter fell in part due to its relatively low holding (20.7%) compared to 22% in the first quarter," it added.