Wynn Resorts quarterly revenue plunges nearly 95%

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Casino operator Wynn Resorts Ltd. suffered an almost 95% revenue loss for the quarter as the global gaming industry braces for prolonged coexistence with the coronavirus pandemic.
Wynn Resorts said on Tuesday it had lost $ 523 million in the three months ended June 30, down from around $ 219 million in operating profit a year earlier. Wynn’s quarterly revenue fell to $ 85.7 million from $ 1.66 billion a year earlier. Wynn’s competitors, Las Vegas Sands Corp. and MGM Resorts International, recently reported revenue declines of 97% and 91%, respectively, as the industry recovers from pandemic shutdowns and depresses business and leisure travel.

US casinos that reopened from late May and early June received a first surge of customers thanks to pent-up demand during closings that began in mid-March. But a Las Vegas Strip rebound depends on the uncertain return of big conventions and deep-pocketed tourists arriving by air.
Wynn Resorts, which paid all of its 30,000 workers in shutdowns until the end of May, laid off some employees last month in response to lower demand.

“There will be winners and losers coming out of this,” said Wynn general manager Matt Maddox. “When this is done and we come out of it, we want to make sure we have the capital available to grow, and we have the culture in place to take care of our people and our customers.
The company operates the Wynn and Encore on the Strip, Encore Boston Harbor in Massachusetts and resorts in the Macau Gaming Center. Wynn’s quarterly revenue in Las Vegas is down 86%, while Macau’s is down almost 98%.
Wynn resorts in Las Vegas were receiving 4,000 bookings per day when they reopened with limited occupancy and other pandemic security measures in June, but as cases of Covid-19 have risen sharply in California and Arizona bookings were down 25% after the July 4 vacation, Maddox said. said.
Macau’s casinos are open, but travel restrictions from China have limited the flow of tourists to Chinese territory. Gross gambling revenues in Macau fell nearly 95% in July from a year earlier, according to government data, the fourth month in a row that fell 90%.
Wynn reported a net loss attributable to Wynn Resorts of approximately $ 638 million for the quarter, compared to net income of $ 94.6 million a year earlier.
The company reported total debt of $ 12.78 billion and total cash of $ 3.8 billion as of June 30.
Write to Katherine Sayre at [email protected]

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