Wynn Macau: market to take time to recover
The casino operator said the crisis will impact its business “for a significant lenght of time”.
Macau.- Casino operator Wynn Macau Ltd has said the impact of the Coronavirus crisis will continue and is affecting its ability to pay dividends.
“[The] pandemic is currently having negative impacts on all aspects of our business,” the company said in its 2019 annual report this week.
Last month, Wynn revealed its board had decided not to recommend a final dividend for the calendar year 2019.
Wynn Macau operates the Wynn Palace casino resort on Cotai and the Wynn Macau property in downtown Macau.
While these properties are now open to the public, visitation levels remain low due to border restrictions with China.
But the company said that even when travel restrictions are lifted, demand for casino resorts “may remain weak for a significant length of time”.
The firm added that it “cannot predict if and when our properties will return to pre-outbreak demand or pricing.
“In particular, demand for casino resorts may be negatively impacted by adverse changes.”