Wynn Macau, Las Vegas ops drag Q4 results

Wynn Resorts saw its fourth-quarter results miss estimates, with operating revenues down 2 percent in 19Q4, dragged by decreasing revenues at Wynn Palace, Wynn Macau and its Las Vegas operations. 

The revenue results caused a net loss attributable to Wynn resorts of $72.9 million, down from income of $464.9 million in 18Q4.

Wynn Palace, the flagship property of the company in Macau, saw its operating revenues fall 20.3 percent in the fourth quarter of 2019, whilst operating revenues from Wynn Macau fell 5.1 percent year-on-year. 

Its Las Vegas operations fell 6.3 percent in the quarter. 

As a result, operating revenues for the full year 2019 for Wynn Resorts decreased 1.6 percent year-on-year to $6.6 billion.

On the topic of the coronavirus, which took front and center stage during the earnings call with Wynn Resorts CEO Matt Maddox, the chief executive noted that the company is “currently focused, almost solely, on the health and safety of our employees, our customers and the Macau community at large.”

Due to the closures of casinos in Macau, Wynn’s daily operating expense burn rate is at $2.4 to $2.6 million, largely comprised of payroll expenses. 

Maddox, however, commended Chinese policymakers for what he said was “quick and decisive” action in the face of the coronavirus. 

Looking ahead, the company says it is opening its MICE expansion at Wynn Las Vegas in February 2020. 

“Once open, the space will feature approximately 217,000 square feet of incremental state-of-the-art meeting and convention space (430,000 square feet of gross space), which will nearly double our group footprint in Las Vegas.”

The project budget for the development is approximately $425 million.

Related Articles

Macau operators make CSR push amidst coronavirus crisis

As the Covid-19 crisis descended upon, first, China, then the world, the six Macau operators have not been idle in their CSR efforts, in spite of the mandated casino closures and reopenings under difficult economic conditions.

All six Macau operators offering staff bonuses

In a series of announcements in recent days, all six Macau operators have now announced staff bonuses to most of their employees, generally equivalent to one month of extra pay.

Wynn expands digital offering to services in Michigan

Wynn Resorts said it will begin offering online gambling through its WynnBet venture in Michigan later this month. The service is already available in Colorado and New Jersey and has secured access in Indiana, Iowa, Nevada, and Massachusetts

Wynn Macau announces one month salary annual bonus

Wynn Macau has announced an annual bonus equal to one month's gross salary will be paid to all eligible Wynn Macau and Wynn Palace team members, which represents 98.5 percent of its current workforce.

Wynn CEO Maddox, two other execs to take temporary pay cut

Wynn Resorts CEO Matt Maddox and three other senior executives have agreed to take a 20 percent cut to their base pay for the first three months of the year. From April 1st, normal pay will be restored.

Wynn Resorts eyes layoffs due to union hour rules

Wynn Resorts Ltd says it may be forced to layoff workers because the Culinary and Bartenders unions are requiring the company to return to union rules of scheduling a 40-hour week for employees. 

Wynn Resorts to continue various service agreements with Wynn Macau

Wynn Macau has extended framework agreements with three wholly-owned subsidiaries of its parent firm, Wynn Resorts, that will allow it to receive a range of services from these companies.

Wynn CEO sees “Roaring 20s”-style come back

Wynn Resorts CEO Matt Maddox has said the casino industry in Las Vegas could come back like in the Roaring 20's as people seek to have fun after surviving the pandemic, but warns that may take two years to happen.
vip gaming macau

Macau VIP sector losing further ground

There have been some positive reports this week, talking about optimism over Macau’s medium-term future, led by the premium mass and mass markets.

Wynn Resorts promotes digitization of Macau SMEs

Wynn Resorts hosted the 2020 Wynn Local SME Procurement Partnership Meeting and E-Commerce Forum this week in Macau, aiming to serve as a starting point for the digital transformation and upgrade of local small-and-medium-sized enterprises.