Wynn Macau reports US$188.5m net loss for Q1

The company reported a fall in its net loss from US$161.2m to US$188.5m when compared to the prior-year quarter.

Macau.- Wynn Macau Ltd has reported US$161.2m in net losses for 2022 Q1. That compares to US$188.5m in the prior-year quarter. It also registered a fall in operating revenues to US$298.4m, down 28.4 per cent when compared to the previous year.

EBITDA was US$6m. The casino operator also registered a negative adjusted property EBITDA of US$4.7m for the first quarter, compared to a positive US$16.6m for the first quarter of 2021.

VIP turnover at Wynn Macau fell 50.8 per cent year-on-year, to US$887.1m while mass-market table drop fell 20.6 per cent to US$469.1m. Operating revenues at Wynn Palace fell to US$163.3m. The venue reported a negative EBITDA of US$0.9m, compared to a positive US$27.4m for the first quarter of 2021.

VIP turnover at Wynn Palace was down 56.1 per cent year-on-year, to US$965.6m while mass-market table drop plunged 12.5 per cent, to US$531.9m.

Group’s chairman, Allan Zeman, said: “Visitation to Macau has fallen significantly since the outbreak of Covid-19, driven by the strong deterrent effect of the Covid-19 pandemic on travel and social activities, quarantine measures put in place in Macau and elsewhere, travel and entry restrictions and conditions in Macau, the PRC, Hong Kong and Taiwan involving Covid-19 testing, among other things, and the suspension or reduced accessibility of transportation to and from Macau.”

In the last quarter of the year 2021, the company had reported US$208.1m in net losses, an increase from the US$179.8m loss reported in the previous quarter.

Wynn to record US$7.9m as provision on Dore court judgement

Wynn Macau has recorded a provision of HK$62m (US$7.9m) for litigation costs related to a case that found Wynn Resorts and junket operator Dore Entertainment Co jointly responsible for HK$6m (US$747,482) owed to a VIP player.

In 2015, Dore Entertainment Co was victim of an internal theft by casino cage manager Mimi Chow Ioc Mei, who left after stealing HK$700m. In 2016, the court ordered Mimi Chow Ioc Mei to repay approximately MOP103m.

Last November, the company appealed against the ruling but the Court of Final Appeal dismissed the appeal.