The COVID-19 outbreak continued to have a detrimental effect on Wynn’s financial standing in the third quarter – iGB
Wynn Resorts’ third-quarter earnings decreased by 77.5% compared to the same period last year, reaching $370.5 million, and a substantial tax provision led to a net loss of $831.5 million.
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The COVID-19 outbreak continued to negatively impact Wynn’s financial performance in the third quarter
The operator’s gaming income was $201.9 million, a reduction of 81.8%. Room income was $61.1 million, food and beverage income was $76.6 million, and entertainment, retail, and other income was $30.8 million, all of which experienced declines exceeding 70%.
Wynn Macau, historically the operator’s primary revenue source, generated only $15.7 million in revenue, a decrease of 97.4% year-over-year, as the entire Macau market faced challenges due to travel restrictions. Similarly, Wynn Las Vegas’ revenue was only $51.4 million, a decline of 89.2%.
However, CEO Matt Maddox stated that profitability in Macau began to exhibit positive growth towards the end of the quarter, suggesting that these difficulties are likely to be temporary.
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