Wynn Resorts records  Macau's massive losses
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Wynn Resorts records Macau's massive losses

Categories: offline casinos, other Posted on 6 Feb 2021 83 0

Wynn Resorts posted $686 million in operating income for Q4, a decrease of almost 59 percent from $1.65 billion registered for the same time in 2019.

The net loss was $269.5m, a dramatic rise from the previous year's net loss of $72.9. For Q4, adjusted property EBITDA was $69.8m, compared to $443.1m in 2019. Operating sales were $2.1bn for 2020, a 68 percent decline compared to $6.6bn in 2019.

Adjusted property EBITDA of $39.4m was recorded by Total Macau operations. Wynn Palace's operating sales were $221.5m, while Wynn Macau posted $181.9 for Q4.
For Q4, Macau's operational losses were $74.3 million, a decrease from the optimistic $207.9 million posted for Q4 2019, but an increase from the $216 million loss reported in Q3 2020. Macau operations posted an operating loss of $704m for the year that ended on 31 December.

Matt Maddox, CEO of Wynn Resorts, said:

Matt Maddox

"We are encouraged by the progress we have made at each of our properties over the past several months, as we continue along the road to recovery from the pandemic."

He observed that the easing of visitation constraints and the power of Macau's luxury mass market helped with the profitability of Adjusted Property EBITDA. With the further growth of the WynnBet online casino and sports betting app, activities in the US remain cost-focused.

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