Wynn Resorts reports 59% Q4 revenue drop; huge losses in Macau
Wynn Resorts reported operating revenue of $686m for Q4, an almost 59% decline from $1.65bn recorded for the same period in 2019.
Net loss was $269.5m, a sharp increase from a net loss of $72.9 the previous year. Adjusted property EBITDA for Q4 was $69.8m, against $443.1m in 2019. Operating revenues for the year 2020 were $2.1bn, a 68% drop compared to $6.6bn in 2019.
Total Macau operations reported adjusted property EBITDA of $39.4m. Operating revenues from Wynn Palace were $221.5m, while Wynn Macau reported $181.9 for Q4.
Operating losses in Macau for Q4 were $74.3m, a drop from positive $207.9m reported for Q4 2019, but an improvement from the $216m loss recorded in Q3 2020. For the year that ended on 31 December, Macau operations reported an operating loss of $704m.
Wynn Resorts CEO Matt Maddox said: “We are encouraged by the progress we have made at each of our properties over the past several months, as we continue along the road to recovery from the pandemic.”
He noted that the easing of visitation restrictions and the strength of premium mass business in Macau helped with Adjusted property EBITDA profitability. Operations in the US remain cost-focused, with the further development of WynnBet online casino and sports betting app.
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