Wynn Resorts

Wynn Resorts has expressed pleasure at a plethora of property re-openings across each of its operational markets, as the firm documents the impact of COVID enforced closures in its latest financial update.

Coming as media outlets report that the firm has closed its Yokohama office, although Wynn has assured that the move hasn’t dampened any interest in the region, operating revenue for the year’s second quarter plummeted from 94.8 per cent from $1.66bn to $85.7m.

Operating revenues decreased $620.2m, $534.6m and $399.3m at Wynn Palace, Wynn Macau and our Las Vegas operations, respectively, during the period.

Net loss during Q2 finished up at $743.8m, contrasted to income of $142.2m a year earlier, with adjusted EBITDA closing at a loss of $322.9m (2019: $480.5m).

For the six month period ending June 30, revenue came in at $1.03bn (2019: $3.3bn), net loss came in at $1.18bn compared to 2019’s $301.9m income and adjusted EBITDA closed at a loss of $328.2m contrasted to income of $975.3m a year earlier.

“Our leadership team continues to work closely with our host communities, fellow industry leaders and world-class medical experts to implement and advance strategies to mitigate the impact of the virus on our team members, our guests and our broader communities,” said Matt Maddox, CEO of Wynn Resorts

“We are pleased to be up and running again in each of our markets. In early June, we reopened nearly our entire Wynn Las Vegas and Encore campus with an intense focus on cleanliness and safety. Similarly, in Boston, we reopened Encore Boston Harbor on July 12 to a positive reception as many of our customers currently prefer to stay close to home. 

“In Macau, the authorities have begun to gradually and thoughtfully ease some visitation restrictions, and we are confident the market will benefit from the return of the Chinese consumer as we move through the back half of 2020.”

Revenue at the Wynn Palace and Wynn Macau properties, which were closed for a 15-day period in February 2020 and resumed operations on a reduced basis on February 20, dropped 98.6 per cent and 97.8 per cent to $8.7m (2019: $628.9m) and $11.9 (2019: $546.5m, respectively.

With casinos in the region up and running, strict public health safeguards are in place such as traveller quarantines, limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, COVID-19 negative test results requirements for entry to gaming areas, and health declarations remain in effect at the present time. 

On July 15, 2020, authorities eased certain quarantine requirements for persons travelling between Guangdong Province and Macau, subject to certain testing requirements and health declarations.

The group’s Las Vegas operations, which closed on March 17 and reopened on June 4, saw an 86 per cent revenue drop from $464.1m to $64.9m. Encore Boston Harbor remained closed for the duration of the second quarter; resuming activity once again on July 12 with certain health safeguards in place.