Wynn Macau reports US$154.1 mln in losses in Q1

Gaming operator Wynn Macau has reported some US$154.1 million (MOP1.2 billion) in losses for the first three months of this year, a turn from the US$190.6 million in net profits it had reported during the same period of last year, the group’s latest financial report reveals.

As with other local gaming concessionaires, the Covid-19 pandemic seriously impacted the company’s results for this year, with total operating revenues dropping 68 per cent year-on-year to about US$489 million as gaming revenues were cut by 63 per cent.

Casino operations at Wynn Palace and Wynn Macau were closed for a 15-day period in February 2020, as happened with other gaming operators following a Macau SAR govenrment order to help contain the pandemic.

‘Our casinos’ operations have since been fully restored; however, certain public health safeguards, such as traveler quarantines, limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and health declarations remain in effect at the present time. We are currently unable to determine when these measures will be lifted,’ the company noted.

This helped cause a 95.4 per cent year-on-year fall in Adjusted Property EBITDA at Wynn Palace to US$10.2 million for the first quarter this year, with Wynn Macau seeing an 88.3 per cent year-on-year fall to about US$19.2 million.

The group also held some US$5.15 billion in debt and available borrowing capacity of US$74.2 million as of March 31.