Operating revenues fall 79% at Wynn Macau

Wynn said it does not expect business to
Wynn said it does not expect business to "materially improve."

The group has suspended major project capital expenditures for the remainder of the fiscal year.

Macau.- Wynn Macau has posted interim financial results for the first half of 2020, showing a drop of 79.2 per cent in operating revenues.

Operating revenues totalled HK$3.97 billion (US$512 million), “primarily due to the adverse effects of the Covid-19 Pandemic”

Casino revenues were down to HK$2.9 billion (US$384 million), from HK$16.2 billion (US$2.1 billion) in the same period last year.

Gaming income from Wynn Palace dropped from HK$9 billion (US$1.16 billion) last year to HK$1.5 billion (US$197million) in the six months prior to June 30. Wynn Macau’s casino also reported only HK$1.4 billion (US$187 million) during the latest period, when in the first six months of 2019 it had seen HK$7.3 billion (US$942 million).

VIP table games decreased by 85.4 per cent, to HK$1.72 billion (US$221 million), with total VIP table games turnover down 78 per cent to HK$78.41 billion (US$10.1 billion).

Mass market table games decreased by 77.8 per cent to only HK$2.02 billion (US$260 million) in the six months ended 30 June 2020. And slot machine gaming operations decreased by 79.3 per cent year-on-year, to HK$0.29 billion (US$37.4 million).

Adjusted EBITDA was also down, from HK$5 billion (US$645 million) in the first six months of 2019 to a loss of HK$1.39 billion (US$179 million) in H1 2020.

Finally, losses attributable to owners for the period totalled HK$3.91 billion (US$504.5 million), down from a profit of HK$2.8 billion last year (US$361.2 million).

The group said: “Given the evolving situation associated with the Covid-19 Pandemic, we are currently unable to determine when travel-related restrictions and requirements will be further lifted. Lifted measures may be reintroduced if there are adverse developments.

“We do not expect our business volume to materially improve until tourist visitation to Macau materially improves.”

Wynn Macau has decided to temporarily postpone major project capital expenditures for the remainder of fiscal year 2020. They said they will resume “when conditions have stabilized.”

However, the group has continued with the design phase for the Crystal Pavilion adjacent to Wynn Palace. Construction of the new venue is expected to begin in late 2021.

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