Wynn Macau reports US$162.5m net loss for Q3

Losses increased by 70 per cent compared to the previous year
Losses increased by 70 per cent compared to the previous year

The results of operations of Wynn Macau in Q3 continued to be negatively impacted by travel restrictions.

Macau.- Wynn Macau Ltd has reported that its net loss widened from US$95.4m to US$162.5m in the third quarter of the year. Casino operations at Wynn Palace and Wynn Macau were closed for 12 days in July in response to an outbreak of Covid-19 in Macau. 

Wynn Palace reported operating revenues of US$75.2m for the third quarter, down 58.3 per cent year-on-year. Adjusted Property EBITDA was US$21.8m, compared to US$12.1m for the third quarter of 2021. Casino revenues at Wynn Palace amounted to US$45.36m, down 66.2 per cent year-on-year. 

The VIP table games win as a percentage of turnover was 3.27 per cent, down from 4.45 per cent in the third quarter of 2021. Table games win percentage in mass market operations was 21.5 per cent, compared to 21.8 per cent.

Wynn Macau posted operating revenues of US$40.4m, down 69 per cent year-on-year. Adjusted property EBITDA was negative US$43.8m. Casino revenues at Wynn Macau fell by 76.8 per cent annually to US$22.83m.

Craig Billings, chief executive officer of Wynn Resorts, said: “In Macau, while Covid-related travel restrictions continued to negatively impact our results, we were pleased to experience encouraging pockets of demand during the recent October holiday period. We remain confident that the market will benefit from the return of visitation over time.”

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