Wynn Macau Ltd has reported an operating loss of US$95.4 million for the three months to 30 September 2021, almost double the US$49.6 million loss recorded in the June quarter following recent COVID-19 outbreaks within the SAR.
Reflecting a challenging operating environment that has halted recent momentum for all of Macau’s concessionaires, Wynn Macau saw its operating revenues fall 31.3% sequentially to US$312 million with Adjusted EBITDA falling from US$67.7 million in Q2 to US$10.2 million in Q3.
Wynn Palace proved the more resilient of the company’s integrated resorts, generating operating revenues of $181.3 million, down from US$270.4 million in Q2 but well above the US$15.7 million recorded in the September quarter of 2020. Adjusted EBITDA was US$12.1 million.
At peninsula property Wynn Macau, operating revenues fell from US$184 million in the June quarter to US$130.7 million, with an Adjusted Property EBITDA loss of US $1.9 million.
Wynn’s Macau results contrasted sharply with those in the United States, where the company reported revenues of US$476 million in Las Vegas and US$192.2 million at Boston Harbor.
Group-wide revenues of US$994.6 million were nearly 200% higher versus 3Q20 and slightly higher than 2Q21 despite ongoing travel restrictions impacting Macau.
“We were pleased to deliver record Adjusted Property EBITDA at both Wynn Las Vegas and Encore Boston Harbor during the third quarter,” said Wynn Resorts CEO, Matt Maddox.
“With our recent investments in innovative food and beverage offerings, a new convention facility in Las Vegas and a revamped casino loyalty program, the best days are ahead for our business in North America. And while there have been some fits and starts along the road to recovery in Macau, we are confident that Macau will benefit from the return of consumer demand as we progress through 2022.”
