Wynn Macau Limited posts deficit of about $185 mln in Q2

U.S. casino operator Wynn Resorts Limited reported a total loss of about $185 million in the second quarter of the year for its Win Macao Limited subsidiary operating in Asia.

The disappointing performance was nearly four times higher than the $49.6 million deficit the Macau subsidiary posted in the same three months last year, and about twice as high as the $98.3 million loss it posted in the first quarter of 2022, according to a report by Inside Asian Gaming. The source explained that the Asian casino operator posted second-quarter adjusted earnings before interest, tax, depreciation and amortization shortfalls of about $90.3 million, recovering a profit of $67.6 million a year ago.

Rich adjustments:

Wynn Macao Limited said it was in charge of developing a 1,000-room Wynn Macao venue and a larger Wynn Palace kotai, and was reconsidering whether to follow its previous detailed plans to expand those two notable properties following a business slump last month caused by the coronavirus pandemic. The Hong Kong-listed operator also said recent industry veteran Linda Chen, pictured, would replace Ian Coghlan as president from day one next March.

Premiere plunge:

Wynn Macao Limited’s second-quarter financials fell 78.3% year-over-year to $58.7 million, along with adjusted earnings prior to a $50 million interest, tax, depreciation and amortization deficit, Wynn Resorts Limited reported. The 1,700-room property was also reported to have reported game table receipts of about $34.9 million, including a $6.7 million loss from VIP operations over the three-month period, with slots contributing only $4.9 million in wins.

Significant reduction:

Townwide and Wynn Macau Limited reportedly posted a 68.2% year-over-year drop in second-quarter operating revenue at its prestigious Wynn Macau facility to $58.6 million, as related adjusted earnings at locations before interest, taxes, depreciation and amortization posted a loss of $40.4 million. The 15-year-old property also reportedly generated around $45 million in game table receipts in the three months to the end of June, as the slot generated $6.3 million in revenue.

It is said that you read the statement from Wynn Resorts Limited….

“The results of our business in Macau in the second quarter of 2022 continued to be negatively impacted by certain travel-related restrictions and conditions, including coronavirus testing and other mitigation procedures related to the coronavirus pandemic.”

 

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