Wynn Resorts operating revenues down 58.5% in Q4

Friday 5th of February 2021

Wynn Resorts has published its fourth quarter 2020 and full year financial results, headlined by a 58.5 percent year-on-year decrease in operating revenues.

Operating revenues came to a total of US$686 million for the quarter. Net losses attributable to the company were US$269.5 million.

Matt Maddox, CEO of Wynn Resorts, offered the following statement: "We are encouraged by the progress we have made at each of our properties over the past several months, as we continue along the road to recovery from the pandemic. In Macau, the gradual and thoughtful easing of visitation restrictions allowed us to return to Adjusted Property EBITDA profitability in the fourth quarter, with particular strength in our premium mass business.”

Turning to US developments, he added, “our operations at both Wynn Las Vegas and Encore Boston Harbor were resilient as we continue to deliver our industry-leading service, while remaining focused on costs. On the development front, our WynnBet online casino and sports betting app is currently available in three states following successful launches in Colorado and Michigan, with additional launches planned over the coming months."

For the year 2020, operating revenues decreased 68.3 percent to US$2.1 billion.
Net losses attributable to the company reached US$2.07 billion.

Operating revenues from Wynn Palace were US$221.5 million for Q4, a 62.5 percent decrease from 2019. Adjusted Property EBITDA from Wynn Palace was US$28.7 million. VIP table games win as a percentage of turnover was 1.97 percent, below the property's expected range of 2.7 to 3.0 percent. Table games win percentage in mass market operations was 21.6 percent.

Operating revenues from Wynn Macau were US$181.9 million in the same period, a 65.4 percent decrease from 2019. Adjusted Property EBITDA from Wynn Macau was US$10.7 million for the fourth quarter of 2020. VIP Table games win as a percentage of turnover was 3.10 percent, above the property's expected range of 2.7 to 3.0 percent. Table games win percentage in mass market operations was 17.9 percent.

Wynn’s cash and cash equivalents as of December 31, 2020 totaled US$3.48 billion. It’s available borrowing capacity under the Wynn Macau Revolver was US$343.5 million, and available borrowing capacity under the Wynn Resorts Finance Revolver was US$117.9 million.

Total current and long-term debt outstanding at December 31 was US$13.07 billion, comprised of US$6.35 billion of Macau related debt, US$3.12 billion of Wynn Las Vegas debt, US$2.99 billion of Wynn Resorts Finance debt, and US$612.3 million of debt held by a retail joint venture.