Wynn Macau Limited posts second-quarter loss of around $185 million
American casino operator Wynn Resorts Limited has reportedly announced that its Asia-facing Wynn Macau Limited subsidiary racked up an aggregated second-quarter loss of approximately $185 million.
According to a report from Inside Asian Gaming, the disappointing performance was almost four times higher than the $49.6 million deficit the Macau subordinate recorded for the same three-month period last year and stood around twice as high as the $98.3 million loss it chalked up for 2022’s opening quarter. The source detailed that the Asian casino operator also posted a second-quarter adjusted earnings before interest, tax, depreciation and amortization shortfall of about $90.3 million to reverse the $67.6 million gain it experienced a year ago.
Abundant adjustment:
Wynn Macau Limited is responsible for the 1,000-room Wynn Macau venue as well as the even larger Wynn Palace Cotai development and last month revealed that it was reconsidering whether to follow through with previously-detailed plans to expand these two notable properties following a downturn in business brought on by the coronavirus pandemic. The Hong Kong-listed operator moreover recently disclosed that experienced industry figure Linda Chen (pictured) would be replacing Ian Coughlan as its President from the first day of next March.
Premiere plunge:
Wynn Resorts Limited reportedly noted that the second-quarter Wynn Macau Limited financials furthermore contained a decrease of 78.3% year-on-year in operating revenues for the arm’s Wynn Palace Cotai venue to $58.7 million alongside an adjusted earnings before interest, tax, depreciation and amortization deficit of $50 million. This 1,700-room property purportedly also chalked up roughly $34.9 million in gaming table receipts for the three-month period, which encompassed a loss of $6.7 million from VIP operations, while its slots contributed a mere $4.9 million in win.
Distinguished decline:
Across town and Wyn Macau Limited reportedly saw second-quarter operating revenues from its prestigious Wynn Macau facility fall by 68.2% year-on-year to $58.6 million as the venue’s associated adjusted earnings before interest, tax, depreciation and amortization hit a loss of $40.4 million. This 15-year-old property purportedly moreover generated some $45 million in gaming table receipts for the three months to the end of June as its slots contributed win of $6.3 million.
Reportedly read a statement from Wynn Resorts Limited…
“The results of our Macau operations for the second quarter of 2022 continued to be negatively impacted by certain travel-related restrictions and conditions including coronavirus testing and other mitigation procedures related to the coronavirus pandemic.”
Wider success:
Company-wide and Wynn Resorts Limited reportedly pronounced that its second-quarter operating revenues had declined by 8.2% year-on-year to about $908.8 million and produced a net loss of $130.1 million. The giant enterprise purportedly went on to explain that its associated adjusted property earnings before interest, tax, depreciation and amortization had fallen by a little over 13% to $179.2 million although receipts from its Las Vegas operations rose by 58% to top $561 million.
A statement from Wynn Resorts Limited reportedly read…
“Our second quarter financial results reflect continued strength at both Wynn Las Vegas and Encore Boston Harbor. Our teams’ ongoing focus on five-star hospitality and new experiences at our market-leading properties combined with very strong customer demand to drive a new all-time quarterly record for adjusted property earnings before interest, tax, depreciation and amortization at Wynn Las Vegas and a second quarter record at Encore Boston Harbor.”