Wynn revenues drop 77.5%

Wynn revenues declined by 77.5 per cent year-on-year in the third quarter.
Wynn revenues declined by 77.5 per cent year-on-year in the third quarter.

After huge losses in the third quarter, Wynn Resorts is looking to online markets for a recovery.

US.- Casino operator Wynn Resorts has reported that revenues dropped 77.5 per cent year-on-year in the third quarter.

The Encore owner reported negative earnings of $66m for the three month period ending September 30. That compares to a positive $397m in the same period last year.

Revenue from Las Vegas alone was down 53.3 per cent to $186.7m. Earnings were down 77 per cent to $20.3m.

Last month, Wynn Resorts announced that its Encore Las Vegas property would reduce opening hours and close completely on Tuesdays and Wednesdays due to a lack of business.

But the company recently launched online sports and casino offerings in New Jersey, and executives are looking to online markets for a recovery.

A Wynn spokesperson said “Beyond New Jersey, we have secured market access in numerous other states, and are in the process of applying for licenses on a stand-alone basis in Tennessee and Virginia.”