According to a report from Inside Asian Gaming, the disappointing performance was almost four times higher than the $49.6 million deficit the Macau subordinate recorded for the same three-month period last year and stood around twice as high as the $98.3 million loss it chalked up for 2022’s opening quarter. The source detailed that the Asian casino operator also posted a second-quarter adjusted earnings before interest, tax, depreciation and amortization shortfall of about $90.3 million to reverse the $67.6 million gain it experienced a year ago.
Wynn Macau Limited is responsible for the 1,000-room Wynn Macau venue as well as the even larger Wynn Palace Cotai development and last month revealed that it was reconsidering whether to follow through with previously-detailed plans to expand these two notable properties following a downturn in business brought on by the coronavirus pandemic. The Hong Kong-listed operator moreover recently disclosed that experienced industry figure Linda Chen (pictured) would be replacing Ian Coughlan as its President from the first day of next March.
Wynn Resorts Limited reportedly noted that the second-quarter Wynn Macau Limited financials furthermore contained a decrease of 78.3% year-on-year in operating revenues for the arm’s Wynn Palace Cotai venue to $58.7 million alongside an adjusted earnings before interest, tax, depreciation and amortization deficit of $50 million. This 1,700-room property purportedly also chalked up roughly $34.9 million in gaming table receipts for the three-month period, which encompassed a loss of $6.7 million from VIP operations, while its slots contributed a mere $4.9 million in win.
Across town and Wyn Macau Limited reportedly saw second-quarter operating revenues from its prestigious Wynn Macau facility fall by 68.2% year-on-year to $58.6 million as the venue’s associated adjusted earnings before interest, tax, depreciation and amortization hit a loss of $40.4 million. This 15-year-old property purportedly moreover generated some $45 million in gaming table receipts for the three months to the end of June as its slots contributed win of $6.3 million.
Reportedly read a statement from Wynn Resorts Limited…
“The results of our Macau operations for 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.”
Company-wide and Wynn Resorts Limited reportedly pronounced that its second-quarter operating revenues had declined by 8.2% year-on-year to about $908.8 million and produced a net loss of $130.1 million. The giant enterprise purportedly went on to explain that its associated adjusted property earnings before interest, tax, depreciation and amortization had fallen by a little over 13% to $179.2 million although receipts from its Las Vegas operations rose by 58% to top $561 million.
A statement from Wynn Resorts Limited reportedly read…
“Our second quarter financial results reflect continued strength at both Wynn Las Vegas and Encore Boston Harbor. Our teams’ ongoing focus on five-star hospitality and new experiences at our market-leading properties combined with very strong customer demand to drive a new all-time quarterly record for adjusted property earnings before interest, tax, depreciation and amortization at Wynn Las Vegas and a second quarter record at Encore Boston Harbor.”