Wynn Q2 revenues down 94.8 percent

Wynn Palace

Wynn Resorts reported Q2 financial results that were grimmer than expected, with group-wide operating revenues down 94.8 percent.

Between April and June, operating revenues came in at only US$85.7 million, causing a US$638 million net loss attributable to the company.

In Macau, Wynn Palace recorded only US$8.7 million in operating revenues, a 98.6 percent drop year-on-year.

Wynn Macau operating revenues came in at US$11.9 million, a 97.8 percent decrease.

The firm’s statement noted that its available cash as of June 30, 2020 totaled US$3.8 billion.

CEO Matt Maddox commented, “Our leadership team continues to work closely with our host communities, fellow industry leaders, and world-class medical experts to implement and advance strategies to mitigate the impact of the virus on our team members, our guests and our broader communities.”

Turning to Asia, he added, “In Macau, the authorities have begun to gradually and thoughtfully ease some visitation restrictions, and we are confident the market will benefit from the return of the Chinese consumer as we move through the back half of 2020.”

Wynn Resorts announced at the beginning of the week that it has closed its Yokohama office due to the impact of the Covid-19 crisis, though it says that long term it remains interested in Japan.