The drop is attributed to the border restrictions due to COVID-19.
The group expects operating revenues from its three properties to be between $17.9 and $19 million for the two months, compared to the $759.7 million earnings the previous year.
The company reported on the state of the gaming activity, stating “We estimate table games win percentage negatively impacted adjusted property EBITDA by approximately US$24 million for the two months ended 31 May compared to a negative impact of US$12 million for the comparable 2019 period.”
The losses are expected to carry on until July, but there are already talks about easing border restrictions for certain areas,namely Guangdong Province that brings about 30 to 40% of Macau’s mass-market revenue.
Despite reopening the casinos at the end of February, Wynn Macau stated gross gaming revenues were “approximately 25% of the historical gross gaming revenues run-rate”. The company is expected to reach break-even levels when the gross gaming revenue run-rate reaches around 50%.
