Bleak second quarter results for Wynn Resorts

Wynn's operating revenues decreased by 94.9 per cent to $85.7 million.
Wynn's operating revenues decreased by 94.9 per cent to $85.7 million.

Wynn Resorts has revealed the extent to which revenue plummeted in Q2 due to the pandemic.

US.- Wynn Resorts has published results for Q2 showing operating revenues fell 94.8 per cent year-on-year to $85.7 million, down from $1.66 billion for the same period in 2019.

The majority of Wynn’s resorts re-opened in early June, following closure in mid-March due to the Covid-19 pandemic.

Wynn continued to pay staff during the closures, but have recently started implementing furloughs due to continued low numbers after re-opening. Wynn’s shares have fallen almost 49 per cent this year.

CEO Matt Maddox said: “Our leadership team continues to work closely with our host communities, fellow industry leaders and world-class medical experts to implement and advance strategies to mitigate the impact of the virus on our team members, our guests and our broader communities.

“We are pleased to be up and running again in each of our markets. In early June, we reopened nearly our entire Wynn Las Vegas and Encore campus with an intense focus on cleanliness and safety. Similarly, in Boston, we reopened Encore Boston Harbor on July 12 to a positive reception as many of our customers currently prefer to stay close to home.”

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