Wynn Macau’s net loss expands to US$270 million in Q2

Gaming operator Wynn Macau Limited has reported a net loss of US$270.6 million in the second quarter of 2022, the company announced in a filing to the Hong Kong Stock Exchange on Wednesday.

The figure for the three months ended on June 30 is more than double the net loss recorded in the second quarter of 2021 (US$116.5 million).

Operating revenues for the second quarter of 2022 (US$117.2 million) were only about one-quarter of what was posted in the same period of last year (US$454.4 million). 

Also according to the same filing, Wynn Macau had a US$90.3 million negative adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA). 

These results come on the heels of an 81 per cent year-on-year plunge in casino operating revenues in the second quarter to US$67 million.

Despite the Macau operations results, Craig Billings, CEO of Wynn Resorts, Limited, remains positive regarding the future business environment in the SAR. 

“In Macau, while COVID-related travel restrictions continued to impact our results, we remain confident that the market will benefit from the return of visitation over time,” Mr Billings said. 

The quarterly results of Wynn Macau’s parent company Wynn Resorts Limited were also announced, indicating a net loss of US$130.1 million, as overall operating revenues stood at US$908.8 million, down from US$990.1 million in the second quarter of 2021.

The group’s US business posted strong quarterly results as its Las Vegas operation saw a year-on-year jump in operating revenues from US$355.1 to US$561.1 million.

Wynn Resorts’ Encore Boston Harbor property had quarterly operating revenue of US$210.2 million up from US$165.2 million a year ago.   

“Our second quarter financial results reflect continued strength at both Wynn Las Vegas and Encore Boston Harbor. Our teams’ ongoing focus on five-star hospitality and new experiences at our market-leading properties combined with very strong customer demand drove a new all-time quarterly record for Adjusted Property EBITDA at Wynn Las Vegas and a second quarter record at Encore Boston Harbor,” Craig Billings said.