Las Vegas closures, financial impacts and UK guidance: The week in numbers
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).
Penn National Gaming has asserted encouragement at emerging third quarter trends, with results across May and June potentially having benefited from “pent-up demand”.
Continuing to make fundamental changes across its casino portfolio, with work ongoing alongside regulators in several jurisdictions to introduce cashless, cardless, and contactless technology to properties, the comments come amid a series of second quarter declines.
Due to mandated closures across the US PNG saw revenue for the quarter to June 30 fall 76.9 per cent to $305.5m (2019: $1.32bn), net loss finished at $214.4m compared to a profit of $51.4m a year earlier and adjusted EBITDA declined to a loss of $79.3m (2019: +$316.5m).
Commenting that “significant progress” has been made on the development of its Barstool sportsbook mobile app, PNG anticipates a Q3 launch in Pennsylvania with additional states to follow throughout Q4 and Q1 2021.
Further Keystone State updates see the group anticipate resuming construction on both of its category four projects in the region, namely the $120m Hollywood Casino York and $111m Hollywood Casino Morgantown projects, later this year ahead of opening in the second half of 2021.