Wynn Resorts sees revenue fall 42% in 1Q20

Wynn Resorts has announced a big drop in Q1 revenue.
Wynn Resorts has announced a big drop in Q1 revenue.

Revenue for Wynn Resorts fell to $953.7million from $1.65 billion the previous year.

US.- Wynn Resorts has issued its first quarter financial results, posting 42.3 per cent drop in operating revenues due to the Covid-19 crisis.

Q1 revenue for the company fell to $953.7million from $1.65 billion the previous year.

Revenues declined across all of its properties, which generated $467.1million (Wynn Palace), $294.4million (Wynn Macau) and $77.2million (all Las Vegas properties) respectively.

The operator’s Encore Boston Harbor enjoyed a stronger period and generated revenues of $140.9million, which partially offset the revenue slump at its other venues.

Wynn CEO, Matt Maddox, said: “We have also been focused on our long-term business prospects, taking steps to bolster our already strong liquidity position by opportunistically issuing $600million of unsecured notes and increasing our financial flexibility.

“While the current environment is clearly challenging, we are confident that travel and tourism will recover in both the U.S. and China, and our industry leading assets, fortress balance sheet and talented team members position the Company to thrive in the years ahead.”

Maddox added that the company has committed to paying its staff throughout the month of May.

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