Wynn Macau with US$280.6 mln in net losses in Q3

Gaming operator Wynn Macau has reported US$280.6 million (MOP2.2 billion) in net losses during the third quarter of this year, with operating revenues dropping by 89.2 per cent year-on-year to some US$474.3 million, according to the company’s latest financial results.

“In Macau, visitation restrictions have begun to gradually and thoughtfully ease, allowing us to achieve EBITDA break-even in October. We are confident that Macau will continue to benefit from the return of consumer demand as we head into 2021,” the group’s CEO, Mathhew Maddox, indicated.

The group also reported US$35 million in Adjusted Property EBITDA losses for the three month period, with Wynn Palace with US$77.6 million, and Wynn Macau with HK$34.5 million.

As of September 30, Wynn Macau, Limited held US$2.28 billion in cash and cash derivatives, with US$5.96 billion in outstanding debt.

In August, Wynn Macau issued US$250.0 million aggregate principal amount of 5.500 per cent Senior Notes due 2026 and US$600.0 million aggregate principal amount of 5.625 per cent Senior Notes due 2028, using the net proceeds from the offering to facilitate the prepayment of outstanding term loans.

Brokerage Sanford C. Bernstein pointed out that in October, Wynn achieved a positive EBITDA of US$6 million, while mass rose to 40 per cent of pre-COVID levels, and junket VIP at 25-30 per cent.

Dauly expenses excluding gaming taxes were also said to have been reduced to US$2 million per day in the third quarter of this year, as opposed to the US$3 million in the same period of last year.