Wynn Resorts Q1 results
Maddox: “We play a leadership role in the industry’s re-emergence”
Wynn Resorts Ltd reported revenue for Q1 was $953.7 million, a 42.3% drop compared to the $1.65 billion for Q1 2019. Net loss stands at $402 million, a significant downturn from the same period last year.
Adjusted Property EBITDA for the first quarter of 2020 was $5.3 million, including $75.7 million that was spent to retain employees.
Wynn Resorts CEO Matt Maddox stated the company continues “to play a leadership role in the industry’s re-emergence”, keeping up with decisions due to the pandemic that might impact Wynn Resorts staff or guests.
Revenue in Wynn Resorts Macau operations dropped by $761.5 million compared to the previous year. Wynn Palace faced a drop of $467.1 million, its operating revenue for Q1 was $259.5 million (64.3% lower than in 2019). Wynn Macau earned $229.5 million, experiencing a 56.2% decrease and $294.4 million loss compared to the quarter of the previous year.
Revenue in Las Vegas operations was $323.8 million, a 19.3% drop from $401.0 million the operations earned in Q1 2019. And Encore Boston Harbor revenue was $140.9 million, which partially offset losses suffered by other casinos.
Maddox also took time to praise both Macau and China governments on their cautious approach to reopening the borders, but he remains optimistic about the future and possibility to resume operations in Macau: “There is clearly pent-up demand for activity. I do believe that there will be demand for Macau, without a doubt,” he said.
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