Wynn Macau has reported a $162.65 million loss for the third quarter of 2022, a 70 percent annual increase from the same period of 2021.
Operating revenues at the group’s Wynn Palace property on the Cotai Strip fell by $106.1 million yearly, to $75.24 million during the quarter, while those of Wynn Macau only reached $40.36 million, a drop of $90.3 million compared to the third quarter of 2021.
Wynn Palace reported a $84.47 million loss during the quarter, while Wynn Macau delivered a loss of $73.83 million.
The group’s CEO, Craig Billings, noted in the results release that “COVID-related travel restrictions continued to negatively impact our results”. However, Billings was hopeful about the recovery in the fourth quarter, as the group experienced “pockets of demand during the recent October holiday period,” noting that the group remains “confident that the market will benefit from the return of visitation over time”.
During the three-month period, casino revenue at Wynn Palace amounted to $45.36 million, down 66.2 percent year-on-year. Room revenue, F+B and Entertainment and retail revenues also fell on an annual basis, by 55.4 percent, 47.7 percent and 16.8 percent, respectively.
VIP turnover at the property topped $283.74 million, a 77 percent annual drop.
Adjusted property EBITDA recorded a loss of $21.8 million.
For the Wynn Macau property, casino revenues fell by 76.8 percent annually, to $22.83 million, with declines in Room revenue, F+B and Entertainment and retail falling 59.7 percent, 44.1 percent and 36 percent, respectively during the quarter.
VIP turnover at Wynn Macau fell 88.6 percent year-on-year, to $152.87 million.
Adjusted property EBITDA recorded a loss of $43.80 million.
Las Vegas shines
The Macau results come in stark contrast to Wynn Resorts’ Las Vegas quarterly results, with revenues rising 14.4 percent annually, topping $544.38 million and property EBITDA up by 6.7 percent year-on-year, to $195.76 million.
Casino revenue for the period was up 19.3 percent annually, to $134.31 million, topped by revenue from Rooms – at $162.12 million (a 22.2 percent yearly increase), and F+B leading revenue, with a 7.9 percent increase to $193.77 million.
To contrast the Macau and Vegas operations, room occupancy in Wynn’s Las Vegas property during the period was 88.8 percent, while its Wynn Macau property recorded just 31.4 percent and Wynn Palace saw only 28.1 percent.
Total Wynn Resorts operating revenues fell by $104.9 million annually during the quarter, to $889.7 million, with a net loss of $142.9 million, down from the $166.2 million registered in the third quarter of 2021.
