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Wynn’s Macau properties record US$216 million loss in 3Q20

Wynn Resorts has reported a loss of US$216 million at its Macau resorts during the three months to 30 September 2020, impacted by COVID-19 restrictions that continued to prevent cross-border travel throughout the quarter.

Revenue for the three-month period fell 93.7% to US$67.1 million with an Adjusted EBITDA loss of US$112.1 million, slightly improved from revenue of just US$20.6 million and Adjusted EBITDA loss of US$193.5 million in 2Q20.

Much of the company’s declines were felt at flagship Cotai resort Wynn Palace, which reported operating revenues of US$15.7 million for the third quarter, a 97.4% decrease from US$598.2 million in 3Q19.

Adjusted Property EBITDA at Wynn Palace was a US$77.6 million loss.

At peninsula property Wynn Macau, operating revenues fell 89.2% to US$51.4 million with an Adjusted Property EBITDA loss of US$34.5 million.

Across both properties combined, VIP table games win for the quarter was US$19.7 million and mass table win US$24.9 million. Wynn Macau Ltd had reported an actual loss on casino play in the second quarter of US$15 million.

Group-wide revenue, including Wynn Resorts’ US properties and recently launched interactive business, declined 77.5% to US$370.5 million with a net loss of US$758.1 million.

“We are encouraged by the progress we have made in each of our properties over the past several months, despite the ongoing impact of the virus and related operating limitations,” said Wynn Resorts CEO Matt Maddox.

“Encore Boston Harbor delivered record quarterly EBITDA during the third quarter, while Wynn Las Vegas continued to experience strong leisure demand on weekends with solid hotel occupancy and casino play. In Macau, visitation restrictions have begun to gradually and thoughtfully ease, allowing us to achieve EBITDA break-even in October. We are confident that Macau will continue to benefit from the return of consumer demand as we head into 2021.”

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