Wynn Macau posts operating revenue of US$312m for Q3
Wynn Macau Ltd has reported total operating revenue of US$312m for the third quarter of the year, down 34 per cent when compared to the previous quarter.
Macau.- Wynn Resorts has shared its financial results for the quarter ended September 30. Its properties in Macau registered a decline of 34 per cent quarter-on-quarter in total operating revenue, down from US$354.5m to US$312m.
However, the figure was up from US$67.1m in Q3 2020, when the company was deeply affected by Covid-19 countermeasures. Wynn Macau Ltd registered operating costs and expenses of US$405.7m for the quarter and operating losses of US$93.7m.
It reported US$130.7m in operating revenue while adjusted property EBITDA was US$1.9m, compared with US$34.5m for the third quarter of 2020.
VIP table games win as a percentage of turnover was 2.44 per cent, below the property’s expected range of 2.7 per cent to 3 per cent. Table games win percentage in mass market operations was 19.7 per cent, above the 18.7 per cent registered last year.
Wynn Palace reported US$181.3m in operating revenues, an increase of US$165.6 when compared to the third quarter of last year. Adjusted Property EBITDA was US$12.1m, compared with US$77.6m for the third quarter of 2020. VIP table games win as a percentage of turnover was 4.45 per cent, above the property’s expected range of 2.7 per cent to 3 per cent.
Table games win percentage in mass market operations was 21.8 per cent, below the 22 per cent registered in 2020.
Matt Maddox to leave Wynn Resorts on January 31
Matt Maddox, CEO of Wynn Resorts, has announced that he will leave the company on January 31, 2022. However, he will remain on the Wynn Macau Limited and Wynn Interactive Limited Boards through the end of 2022.
Craig Billings, CEO of Wynn Interactive, who has served as president and CFO of Wynn Resorts, will become CEO of Wynn Resorts and a member of the board effective February 1, 2022.
Philip G. Satre, chairman of the board at Wynn Resorts, said: “Matt has done an incredible job as CEO since his appointment four years ago. He very successfully led the company through what could have been one of the most disruptive business transitions in decades.”
Maddox said: “This has not been an easy decision. I am leaving a company that I love and that’s full of people I admire. But I believe now is the right time for me and for the business. The last four years have been challenging but extremely rewarding, and I am incredibly proud that we accomplished so much.”
He added: “We quickly resolved litigation that had distracted the company for seven years. We reorganized the company’s leadership team and focused on our 28,000 employees, rebuilding and strengthening our powerful culture to focus on a common purpose: create and deliver the best guest experiences.”
