Wynn Macau posts US$787.5m in operating revenue for 2022
The decrease was mainly attributed to travel restrictions related to the Covid-19 pandemic.
Macau.- Wynn Macau Ltd has reported that its operating revenue for 2022 decreased by 52.2 per cent on year-on-year terms to MOP6.37bn (US$787.5m). Operating revenues decreased by US$473.75m at Wynn Palace and US$314.8m at Wynn Macau due to decreased gaming volumes resulting from travel restrictions related to the Covid-19 pandemic.
Wynn Palace’s casino revenues dropped by 62.3 per cent year-on-year to US$255.9m, and Wynn Macau experienced a 54.6 per cent year-on-year decrease to US$216.6m. Adjusted property EBITDAR for Wynn Palace and Wynn Macau decreased by US$188.2m and US$128.3m respectively.
The company had US$3.65bn in cash and cash equivalents, excluding restricted cash, as of December 31, 2022, and US$837m in borrowing capacity.
The company stated: “Over the course of December 2022 and January 2023, Macau authorities relaxed or eliminated most Covid-19 related protective measures, and as of February 27, 2023, there are no remaining entry restrictions or mandatory quarantine requirements in place for travellers to Macau, and testing requirements for inbound travellers from the PRC, Hong Kong, and Taiwan have been discontinued.
“Nevertheless, given the inherent uncertainty around the likelihood, extent, and timing of a potential reimposition of restrictions on the general public, travel, or certain activities, management is unable to reasonably predict whether such restrictions would impact our properties in the future, or the extent such restrictions, if reimposed, would impact our results of operations, cash flows, or financial condition.”