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Wynn Resorts returns to positive EBITDA

Operating revenues came to US$686m for the quarter.
Operating revenues came to US$686m for the quarter.

Wynn’s two Macau properties saw a notable improvement in operating revenue in the fourth quarter.

Macau.- Wynn Resorts’ Macau unit is back on positive ground, reporting adjusted property EBITDA of US$39.4m in the fourth quarter following a loss of US$112.1m in Q3.

The unit’s last financial report of 2020 shows an operating loss of US$74.3m in Macau for the three months to December 31. That’s a notable improvement on the US$216m loss reported in the third quarter.

Matt Maddox, CEO of Wynn Resorts, said: “We are encouraged by the progress we have made at each of our properties over the past several months, as we continue along the road to recovery from the pandemic. In Macau, the gradual and thoughtful easing of visitation restrictions allowed us to return to Adjusted Property EBITDA profitability in the fourth quarter, with particular strength in our premium mass business.”

Wynn Palace reported a 62.5 per cent decline in operating revenues year-on-year to US$221.5m. Wynn Macau operating revenues fell 65.4 per cent year-on-year to US$181.9m.

Together the properties posted a mass-market table drop of US$1.29bn for the quarter, still under half the pre-Covid-19 level in the same period in 2019 but six times higher than in Q3 2020.

VIP table game turnover was 5.6 times higher at US$4.58bn but still only around a quarter of pre-Covid-19 levels.

Tthe group said Wynn Palace had seen a win percentage relative to VIP turnover of just at 1.97 per cent, well below the usal range of 2.6 per cent to 3.3 per cent.

According to city’s Public Security Police Macau saw an 85 per cent year-on-year decline in tourist arrivals in 2020.

However, financial reserves obtained from tourism placed Macau in a favourable position to see through the Covid-19 pandemic.

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