Wynn Macau reports US$280.6m losses in Q3

Revenues were down by 89.2 per cent year-on-year.

Macau.- Casino operator Wynn Macau has published its latest financial results, reporting US$280.6 million (MOP2.2 billion) in net losses for the third quarter of the year. Operating revenues dropping by 89.2 per cent year-on-year to some US$474.3 million.

CEO Mathew Maddox said in a statement: “In Macau, visitation restrictions have begun to gradually and thoughtfully ease, allowing us to achieve EBITDA break-even in October. We are confident that Macau will continue to benefit from the return of consumer demand as we head into 2021″.

The group also reported US$35 million in Adjusted Property EBITDA losses for the three-month period. Wynn Palace accounted for US$77.6 million, and Wynn Macau HK$34.5 million.

As of September 30, Wynn Macau held US$2.28 billion in cash and cash derivatives, with US$5.96 billion in outstanding debt.

Brokerage Sanford C. Bernstein reported that in October, Wynn had positive EBITDA of US$6 million. Mass rose to 40 per cent of pre-COVID levels, and junket VIP to between 25 and 30 per cent.