Wynn Resorts posts 78% Q3 revenue decline
Wynn Resorts has reported $370.5m in revenue for the third quarter of 2020, a 78% decrease from $1.65bn for the third quarter of 2019.
The casino operator witnessed huge declines across both its Las Vegas and Macau venues as a direct result of closures due to the ongoing COVID-19 pandemic, with the latter particularly impacted.
The company revealed Q3 2020 revenue of $51.4m for its Wynn Macau branch, which represents an 89% decline from the $474.3m reported for the same period last year.
And operations at Wynn Palace saw an even bigger decline, falling by a huge 97% from $598.2m for Q3 2019 to just $15.7m for Q3 2020.
And it was much of the same for Wynn Las Vegas, where the latest revenues stand at $186.7m, a 53% decrease from the $399.5m reported for the third quarter of 2019.
Despite the fall in revenue, Wynn Resorts CEO Matt Maddox said he saw many encouraging signs for the company.
“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,” he said.
“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.”
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