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Wynn Resorts reports $990m in operating revenue for Q2; but still succumbs to loss

Wynn Resorts has reported $990.1m in operating revenue for Q2 2021. It’s a $904.4m increase from the $85.7m recorded for the same time period in 2020.

Wynn

Net loss attributable to Wynn Resorts was $131.4m, or $1.15 per diluted share. Casino revenue for the quarter was $602.7m, while hotels earned $137.7m. Operating expenses for Q2 2021 were $1bn, with operating loss at $29.5m.  

"We were pleased to see the strong return of our guests at both Wynn Las Vegas and Encore Boston Harbor during the second quarter with adjusted property EBITDA at our US operations well above pre-pandemic levels, highlighting the significant pent-up demand for travel and leisure experiences," said Matt Maddox, Wynn Resorts CEO.

"While there have been some fits and starts along the road to recovery in Macau, we were encouraged by the strong demand we experienced during the May holiday period, particularly in our premium mass casino and luxury retail segments.”

Operating revenue for Wynn Palace for Q2 2021 was $270.4m, while adjusted property EBITDA stood at $53.6m, compared to negative EBITDA of $110.9m in 2020.

VIP table games win as a percentage of turnover was 3.95%. Operating revenue from Wynn Macau was $184m and adjusted property EBITDA was $14.1m. Las Vegas Operations earned $355.1m for the quarter, while Encore Boston Harbor reported $165.2m.

“On the development front, our WynnBET online casino and sports betting app is currently available in six states with additional launches planned over the coming months,” added Maddox. However, there was no additional information on the monetary success of the app.

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