Las Vegas drags Wynn Resorts revenue

During 4Q2019, Wynn Resorts failed to reach its revenue estimates after Macau and Las Vegas operations dragged it down.

US.- A few weeks into 2020, financial results for 2019 continue to appear. That’s why Wynn  Resorts shared its revenue performance which couldn’t live up to its projections.

During the fourth quarter of last year, the company’s operating revenues fell 2%. Decreasing revenues at Wynn Palace, Wynn Macau and its Las Vegas operations were to blame, the company shows.

Wynn Resorts revenue results caused a net loss of US$72.9 million, down from income of US$464.9 million year-on-year.

CEO Matt Maddox said the company is “currently focused, almost solely, on the health and safety of (its) employees, customers and the Macau community at large.”

CEO extension

The Board of Directors of Wynn Resorts has announced that it unanimously agreed to extend Matt Maddox’s contract as Chief Executive Officer (CEO) through 2022. He started that position in early 2018.

The board believes that Maddox successfully navigated the company through its most difficult and challenging circumstances. “He has rebuilt a solid strategic plan and capital foundation which now positions Wynn Resorts to enjoy what the Board of Directors. I believe will be a period of remarkable growth and success,” said Wynn Resorts Chairman of the Board Philip G. Satre.

This year alone, Matt and his team successfully opened Encore Boston Harbor. They reinvigorated Wynn Macau with a full renovation, completed the expansion of the Wynn Las Vegas convention center and solidified our creative expansion plans for Wynn Palace in Macau which provides us with an enviable pipeline for growth and innovation.”