The operating revenues of Wynn Resorts’ Macau Operations fell 74.2 percent to US$117.2 million in the second quarter of the year, the US gaming operator said in a statement yesterday.
The company’s Macau Operations refer to its two casino resorts here, Wynn Macau in Nape and Wynn Palace in Cotai.
The two casino resorts’ operating revenues in the first half of the year declined 52.3 percent to US$415.6 million.
The company founded by Steve Wynn said in the statement that its second-quarter results in Macau “continued to be negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.”
Wynn Resorts also said in the statement released on the website of the Hong Kong Stock Exchange that its “casino revenues decreased primarily due to decreased VIP turnover and table games win and mass market table drop and table games win at our Macau Operations, partially offset by increased table drop, table games win and slot machine win at our Las Vegas Operations and Encore Boston Harbour, respectively.”
The company acknowledged that “the COVID-19 pandemic has materially impacted and is likely to continue to materially impact our business, financial condition and results of operations.” However, it emphasised that given its liquidity position as of June 30, 2022, Wynn Resorts “believes it will be able to support continuing operations and respond to the continuing impact of the COVID-19 pandemic and related economic disruptions.”
As of June 30 this year, according to the statement, Wynn Resorts had total cash and cash equivalents, excluding restricted cash, of US$2.01 billion.
Wynn Resorts also said that as a result of the negative impact the COVID-19 pandemic has had, and will likely continue to have, on its income, it has suspended its dividend programme “for the foreseeable future.”
2016 file photo of Wynn Palace in Cotai – Photo: Kallerna/Wikimedia Commons
