Wynn Macau reports US$208.1m net loss for Q4

Wynn Resorts predicts an increase in visitation in the coming quarters.
Wynn Resorts predicts an increase in visitation in the coming quarters.

The Macau casino operator sees things looking up following Chinese New Year.

Macau.- Wynn Macau Ltd has reported US$208.1m in net losses for 2021 Q4, an increase from the US$179.8m loss reported in the previous quarter. However, casino revenues were up 4.7 per cent in the last quarter to US$243.2m, helping operating revenues jump 4.3 per cent quarter-on-quarter to US$325.6m.

Adjusted property EBITDA from Wynn Palace was -US$1.4m and from Wynn Macau -US$24.5m, with total operating losses contracting 13 per cent to US$81.5m. Wynn Macau saw its revenues rise 32 per cent year-on-year in 2021 to US$626m, with adjusted property EBITDA recovering from a negative US$87.1m in 2020 to a positive US$4.2m by the end of last year.

Operating revenues at Wynn Palace fell 12.4 per cent year-on-year to US$194m. At peninsula property Wynn Macau, operating revenues fell 27.6 per cent to US$131.7m.

During the 4Q conference call, Craig Billings, CEO of Wynn Resorts, said: “In Macau, we remain confident that the market will benefit from the return of visitation over the coming quarters.

He added: “As we have seen before when Macau is more accessible, demand snaps right back.”

Billings also mentioned figures for Chinese New Year. He said: “During the holiday period, turnover per day in our direct program was up nearly 175 per cent from 2021 and down only 12 per cent from Chinese New Year 2019.”

See also: Macau GGR will reach US$12.5bn this year, according to Wynn Macau

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