Zona de Azar USA – Covid 19 Continues to Wreak Havoc on Wynn Performance in Q3

USA.- November 9th 2020 www.zonadeazar.com A 77.5% year-on-year drop in revenue to $370.5m and a hefty tax provision meant Wynn Resorts swung to an $831.5m net loss in the third quarter of 2020.

The operator made $201.9m from gaming, down 81.8%. Rooms brought in $61.1m, while food and beverages contributed $76.6m and entertainment, retail and other revenue came to $30.8m, all down more than 70%.

Wynn Palace in Macau, traditionally the operator’s main source of revenue, brought in only $15.7m, down 97.4% year-on-year as the Macau market as a whole struggled due to travel restrictions. Similarly, the Wynn Macau property brought in just $51.4m, down 89.2%.

However, chief executive Matt Maddox said the Macau locations began posting positive earnings following the end of the quarter, and so he does not expect these struggles to be long-term.

Edited by: @MaiaDigital www.zonadeazar.com