May 11, 2021 Casino, Land-Based

Wynn Resorts reports Q1 revenue of $726m

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Wynn Resorts, Limited reported first quarter 2021 operating revenue of $726m, down 24% year-on-year.

Net loss for the quarter was $281m, compared to net loss of $402m over the same three-month period the prior year.

Adjusted Property EBITDA was $59m across all operations but was -$22.1m in Las Vegas. Wynn said the drop in Las Vegas figures was related to $56.4 million of expense accrued during the quarter to pay US employees salary, tips, and benefited for the period of April 1 through May 15, 2020, when casinos were shut down.

Las Vegas operating revenue for the quarter was $179m, down 45% y-o-y. Wynn Macau saw revenue of $180m for a 22% decrease from Q1 2020, while Wynn Palace generated $237m of revenue, down 9% y-o-y.

Encore Boston Harbor revenue was down 8% to $130m.

Wynn ended the quarter with cash or cash equivalents worth $2.89bn and current and long-term debt outstanding of $11.95bn.

Wynn CEO Matt Maddox took an optimistic view during the company’s earning call Monday, pointing to improved activity in Las Vegas last month.

“Retail revenues in the month of April were the second best month on record. From 2005 till April of 2021 is the second best month on record,” Maddox said. “And what's even more encouraging and much more than a green shoot, but a clear indication of the roaring consumer that's coming back, our slot revenues in April, we're $25 million, which was a property record more than any other month in the history of Wynn Las Vegas.”

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