Wynn Resorts has published its financial results for the quarter ended September 30, 2020. In this regard, the report highlights the significant decrease in revenues as a result of the closure of its properties due to the COVID-19 pandemic crisis.
Wynn Resorts has reported that its global operating income was $ 370.5 million for the third quarter of 2020, a decrease of 77.5% ($ 1.28 billion) over the same period in 2019.
The decrease in property income is as follows:
- Wynn Palace: - $ 582.5 million
- Wynn Macau: - $ 422.9 million
- Las Vegas: - $ 212.8 million
- Encore Boston Harbor: - $ 59.1 million
On the other hand, Adjusted Property EBITDA (profit before depreciation and amortization of interest taxes) was $ 65.9 million for the third quarter of 2020, a significantly lower figure if we consider the $ 396.9 million in the third quarter of 2019.
The decrease in Adjusted Property EBITDA is as follows:
- Wynn Palace: - $ 239.8 million
- Wynn Macau: - $ 173.4 million
- Las Vegas: - $ 67.8 million
While, Encore Boston Harbor had an increase of $ 18.2 million
Regarding the financial results, Matt Maddox, executive director of Wynn Resorts, was optimistic and despite the impact of the virus, took stock of the economic performance of the main properties of the group:
"Encore Boston Harbor delivered record quarterly EBITDA during the third quarter, while Wynn Las Vegas continued to experience strong leisure demand on weekends with solid hotel occupancy and casino play. In Macau, visitation restrictions have begun to gradually and thoughtfully ease, allowing us to achieve EBITDA break-even in October. "
On the other hand, within the framework of the great growth of the sports betting and online gaming market in the United States, Maddox highlighted the great performance of Wynn Interactive:
"During the third quarter, we launched online sports and casino offerings in New Jersey to an encouraging initial customer response. Beyond New Jersey, we have secured market access in numerous other states, and are in the process of applying for licenses on a standalone basis in Tennessee and Virginia. We are also in discussions with potential partners regarding additional access agreements in other jurisdictions. "
Below, we share an extract of the financial results published by Wynn Resorts.
Macau Operations
The casino operations at Wynn Palace and Wynn Macau were closed for a 15-day period in February 2020 and resumed operations on a reduced basis on February 20, 2020. Our casinos' operations have since been fully restored; However, certain COVID-19 specific protective measures, such as traveler quarantines and requirements for negative COVID-19 tests before entering Macau, limit the number of users.
Wynn Palace
VIP table games win as a percentage of turnover was 1.04%, below the property's expected range of 2.7% to 3.0% and below the 3.19% experienced in the third quarter of 2019. Table games win percentage in mass market operations was 22.0%, below the 25.0% experienced in the third quarter of 2019.
Wynn Macau
VIP Table games win as a percentage of turnover was 3.95%, above the property's expected range of 2.7% to 3.0% and above the 2.76% experienced in the third quarter of 2019. Table games win percentage in mass market operations was 18.7%, below the 20.7% experienced in the third quarter of 2019.
Las Vegas Operations
Wynn Las Vegas ceased all operations and closed to the public on March 17, 2020, and reopened on June 4, 2020 with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and suspension of certain entertainment and nightlife offerings. Beginning October 19, 2020, Encore at Wynn Las Vegas adjusted its operating schedule to five days / four nights each week due to currently reduced customer demand levels. We are currently unable to determine when certain of these measures will be lifted.
Table games win percentage was 20.2%, below the property's expected range of 22% to 26% and above the 19.9% experienced in the third quarter of 2019.
Encore Boston Harbor
Encore Boston Harbor ceased all operations and closed to the public on March 15, 2020, and reopened on July 10, 2020 with certain COVID-19 specific protective measures in place, such as limiting the number of seats per table game, slot machine spacing, temperature checks, and mask protection. In addition, certain food and beverage outlets remain closed, and hotel reservations were limited to Thursday through Sunday through the third quarter of 2020. On November 2, 2020, the Governor of Massachusetts issued a directive limiting the operating hours of certain businesses, including restaurants and casinos, effective November 6th, 2020.
Table games win percentage was 21.8%, within the property's expected range of 18% to 22% and above the 19.7% experienced in the third quarter of 2019.
Wynn interactive
In October 2020, Wynn Interactive, Ltd. was formed through the merger of our US online sports betting and gaming business The Social Casino Business and our strategic partner, BetBull Limited. After the merger, Wynn Resorts owns approximately 71% of Wynn Interactive and will consolidate Wynn Interactive in the future.
The group expects this transaction to enable Wynn Resorts to capitalize on the development of interactive and digital sports gaming and betting opportunities in the US.
18+ | Juegoseguro.es – Jugarbien.es
