Wynn Resorts sees recovery in Macau with $417m in revenue for Q1 2021
Wynn Macau Limited reported total operating revenues of $416.9m for the three months ended 31 March 2021, against $489m for the prior-year period. The casino segment brought in $324.8m, while hotels earned $31.7m.
Wynn Palace in Macau reported $237.3m in operating revenues for Q1 2021, a 9% year-on-year decrease from $259.5. Adjusted Property EBITDA was $27.4m, against $10.2m the prior year. Operating revenues from Wynn Macau were $179.7m, a 21.7% decrease from $229.5m in Q1 2020. Adjusted Property EBITDA was $16.6m, compared to $19.2m for the same period last year.
Consolidated operating revenues for Wynn Resorts Limited were $725.8m for the first quarter of 2021, a decrease of 24%, from $953.7m for the first quarter of 2020. According to the statement, the group’s total current and long-term debt outstanding on 31 March 2021 was $11.95bn, with $5.96bn related to Macau.
“Our first quarter results reflect continued progress in our business as consumers began to once again travel to their favourite leisure and gaming destinations,” said Matt Maddox, CEO of Wynn Resorts. “In Macau, we experienced continued gradual improvement in visitation trends driving particular strength in premium mass casino and luxury retail.”
May Golden Week in Macau saw Wynn Resorts generate $3m of normalized EBITDA per day. Maddox added it was “the highest amount of normalized profit that we have generated since the onset of the pandemic in the beginning of 2020.”
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