Wynn Macau posts losses of US$154m for 1Q 2020

Wynn Macau posts losses of US$154m for 1Q 2020

Wynn Macau casino operator reported losses for the first quarter of the year due to the impact of the Coronavirus pandemic.

Macau.- Wynn Macau has reported losses of US$154.1million (MOP1.2billion) for the first three months of the year.

This compares to the US$190.6million in net profits it posted during the same period last year.

Total operating revenues fell 68 per cent year-on-year to US$489million as gaming revenues tumbled 63 per cent.

The operator also recorded a 95.4 per cent year-on-year fall in Adjusted Property EBITDA at Wynn Palace to US$10.2 million with Wynn Macau seeing an 88.3 per cent year-on-year fall to US$19.2 million.

The group holds US$5.15billion in debt and has an available borrowing capacity of US$74.2million as of March 31.

The decline was attributed mostly to the Coronavirus crisis.

“Our casinos’ operations have since been fully restored; however, certain public health safeguards, such as traveler quarantines, limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and health declarations remain in effect at the present time. We are currently unable to determine when these measures will be lifted,” the company noted.

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