Wynn Resorts has published the financial results for the fourth quarter and the year 2020. In this regard, it has highlighted that its operating revenues for 2020 decreased 68.3%, or $ 4.52 billion. While, during the fourth quarter, revenues were $ 686.0 million, which represents a decrease of 58.5%, compared to $ 1.65 billion in the same period in 2019.
The decrease in operating revenues by property during the fourth quarter is as follows:
- Wynn Palace: - $ 368.5 million
- Wynn Macau: - $ 343.5 million
- Las Vegas: - $ 196.2 million
- Encore Boston Harbor: - $ 65.4 million
Notably, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was $ 69.8 million for the fourth quarter of 2020, compared to Property Adjusted EBITDA of $ 443.1 million in the fourth quarter of 2019.
Adjusted Property EBITDA per property during the fourth quarter decreased as described below:
Wynn Palace: - $ 148.9 million
Wynn Macau: - $ 159.4 million
Las Vegas: - $ 59.1 million
While, Encore Boston Harbor had an increase of $ 1.4 million
As reported by Wynn Resorts in a press release, full year Adjusted Property EBITDA decreased 117.9%, or $ 2.14 billion, to $ (324.3) million, compared to $ 1.82 billion in the year ended December 31, 2019. Adjusted Property EBITDA decreased $ 879.2 million , $ 736.0 million, $ 470.2 million, and $ 46.9 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectivel
On these results, Matt Maddox, CEO of Wynn Resorts, takes a general balance and highlights the progress made in recent months. He more specifically he explains that the easing of measures in Macau "allowed us to return to Adjusted Property EBITDA profitability in the fourth quarter, with particular strength in our premium mass business"
He also highlighted that the “WynnBet online casino and sports betting app is currently available in three states following successful launches in Colorado and Michigan, with additional launches planned over the coming months. We believe our product will be increasingly compelling with each release over the coming months and look forward to growing the business in 2021 ".
Below, we share an extract of the financial results published by Wynn Resorts.
Macau Operations
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 limiting the number of seats per table game, increasing the spacing between active slot machines and visitor entry checks and requirements involving temperature checkpoints, mask wearing, health declarations and proof of negative COVID-19 test results remain in effect at the present time
On September 23, 2020, PRC authorities fully summarize the Individual Visit Scheme exit visa program, subject to certain testing requirements and health declarations. Given the evolving conditions created by and in response to the COVID-19 pandemic, we are currently unable to determine when travel-related restrictions and conditions will be further lifted. Measures that have been lifted or are expected to be lifted may be reintroduced if there are adverse developments in the COVID-19 situation in Macau and other regions with access to Macau.
Wynn Palace
VIP table games win as a percentage of turnover was 1.97%, below the property's expected range of 2.7% to 3.0% and below the 3.07% experienced in the fourth quarter of 2019. Table games win percentage in mass market operations was 21.6%, below the 25.2% experienced in the fourth quarter of 2019.
Wynn Macau
VIP Table games win as a percentage of turnover was 3.10%, above the property's expected range of 2.7% to 3.0% and below the 3.27% experienced in the fourth quarter of 2019. Table games win percentage in mass market operations was 17.9%, below the 20.3% experienced in the fourth 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 24.4%, within the property's expected range of 22% to 26% and above the 17.4% experienced in the fourth 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, capacity restrictions, and mask protection. Subsequent to reopening, certain food and beverage outlets have remained temporarily closed and our hotel operations were limited to Thursday through Sunday. On November 6, 2020, pursuant to a Massachusetts directive implementing an overnight curfew on certain businesses, Encore Boston Harbor limited its daily operating hours and temporarily closed the hotel tower. On January 25, 2021, the limitations on operating hours were lifted, and Encore Boston Harbor restored certain operations and reopened its hotel tower on a Thursday through Sunday weekly schedule.
The protective measures, including capacity restrictions, are still in place. We are currently unable to determine when the remaining measures will be lifted.
Table games win percentage was 20.9%, within the property's expected range of 18% to 22% and above the 19.2% experienced in the fourth quarter of 2019.
Interactive Wynn
In October 2020, Wynn Interactive Ltd. ("Wynn Interactive") was formed through the merger of our U.S. online sports betting and gaming business, social casino business, and our strategic partner, BetBull Limited. Following the merger, Wynn Resorts owns approximately 72% of, and consolidates, Wynn Interactive. They believe this transaction positions Wynn Resorts to capitalize on developing opportunities in digital and interactive sports betting and gaming throughout the U.S., by combining Wynn Resorts' nationally recognized brand with BetBull's digital sports betting operational capabilities and technology.
Their digital and interactive sports betting app, WynnBET, is currently operational in New Jersey, Colorado, and Michigan. In addition, subject to all necessary legislative authorizations and regulatory approvals, we have secured market access and have submitted an application for licensing in Indiana, have secured market access in Iowa and Ohio, have received conditional licensing in Tennessee, and have submitted an application for licensing in Virginia.
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