Operating revenues were down 74.2 per cent year-on-year at US$117.2m.<\/p>\n\n\n\n\n\n\n\n
Macau.-\u00a0Wynn Macau Ltd\u00a0<\/strong>has reported that its net loss widened from US$188.5m to US$270.6m in the second quarter of the year. It also registered a fall in operating revenues to US$117.2m, down 74.2 per cent when compared to last year.\u00a0In the first quarter of the year<\/a>, the company posted operating revenue of US$298.4m.<\/p>\n\n\n\n Adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) was negative US$90.3m, compared to a positive US$67.6 for the second quarter of 2021.<\/p>\n\n\n\n Craig Billings<\/strong>, chief executive of Wynn Macau Ltd and its parent Wynn Resorts, said: \u201cOn a normalised basis, our EBITDA loss was US$900,000 per day in the second quarter. Despite the nearly two-week market-wide casino closure in July, our EBITDA loss has been comparable, at approximately US$1m per day, quarter-to-date in the third quarter.<\/p>\n\n\n\n \u201cOur team has done a fantastic job controlling costs in a very challenging operating environment, through a combination of decreases in payroll and fixed operating expenses.\u201d<\/p>\n\n\n\n Casinos in Macau were ordered to close their doors for two weeks as a countermeasure against\u00a0a new outbreak of Covid-19 cases that began in June<\/a>.\u00a0The temporary closure and general lack of business led\u00a0Macau’s GGR to fall to its lowest<\/a>\u00a0since records began in 2003. Macau\u2019s GGR for the\u00a0first seven months of 2022\u00a0<\/strong>combined stands at MOP26.6bn (US$3.29bn), down 53.6 per cent year-on-year.<\/p>\n\n\n\n Andrew Lee<\/strong>, of Jefferies Hong Kong Ltd, said that the three months to September 30 would likely be another difficult quarter for the firm.<\/p>\n\n\n\n He added: \u201cMacau is at the bottom with gaming revenue currently driven by local players only, and we expect tourists to continue to avoid Macau in the near term. October\u2019s Golden Week holiday will be key, but this depends on Covid-19 cases.\u201d\u00a0<\/p>\n\n\n\n