Wynn Resorts reports Q2 revenue of $990m
Wynn Resorts reported Q2 revenue of $990m, up from $85.7m for the second quarter of 2020.
The company saw quarterly net loss of $131m compared to Q2 2020 loss of $638m. Quarterly revenue and loss beat Wall Street expectations.
Adjusted property EBITDA was $207m versus -$333m over the same period a year ago.
Las Vegas operations generated $335m in revenue for the quarter, an increase of $290m from the $65m in Q2 2020. Las Vegas produced EBITDA of $133m.
Encore Boston Harbor Q2 revenue was $165m, while EBITDA was $46.9m.
Macao operations revenue was $270m for the quarter, compared to $8.7m in Q2 2020. EBITDA was $53.6m.
“We were pleased to see the strong return of our guests at both Wynn Las Vegas and Encore Boston Harbor during the second quarter with Adjusted Property EBITDA at our U.S. operations well above pre-pandemic levels, highlighting the significant pent-up demand for travel and leisure experiences,” said Matt Maddox, CEO of Wynn. “While there have been some fits and starts along the road to recovery in Macau, we were encouraged by the strong demand we experienced during the May holiday period, particularly in our premium mass casino and luxury retail segments.”
Wynn Las Vegas president Marilyn Spiegel said on a company investors call that Wynn and Encore resorts were on pace for record group bookings in the second half of 2021.
Maddox expressed confidence in US business despite a recent increase of Covid cases and the return of indoor mask wearing in Las Vegas.
“What is clear is people want to have fun; they want to go to Las Vegas,” said Maddox on Wednesday’s investor call. “As we see conventions come back and more international play from around the world come back, I am very confident that we will continue to see growth in both Las Vegas and Boston.”
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