Wynn Resorts posts huge revenue falls for H1 and Q2 due to casino closures

By Iqbal Johal

Wynn Resorts has reported a 69% year-on-year fall in revenue for H1 2020, as a result of casino closures due to the COVID-19 pandemic.

Operating revenue for six months to 30 June fell to $1.04bn, while the casino operator’s net loss before tax was $1.03bn, in contrast from the $302m profit over the same period last year.

The closures of casinos from mid-March until June meant casino operating revenue for H1 was down to $580m, from $2.33bn in 2019.

In terms of Q2, operating revenue fell 95% down to $85.7m. Net loss attributable to Wynn Resorts stood at $637.6m, compared to the net income of $94.6m in Q2 2019.

Again, the closures of casinos had a detrimental impact, with adjusted property EBITDA coming in at -$322.9m for the quarter, compared to $480.6m last year.

The operator said its been able to open nearly its entire Wynn Las Vegas and Encore campus in early June, with Encore Boston Harbor reopening on 12 July. It’s also confident its Macau properties can recover towards the end of the year.

Wynn Resorts CEO Matt Maddox, said: “Our leadership team continues to work closely with our host communities, fellow industry leaders and world-class medical experts to implement and advance strategies to mitigate the impact of the virus on our team members, our guests and our broader communities. We are pleased to be up and running again in each of our markets.”

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