COVID-19 hits Wynn Resorts hard as the international casino and hotel group posts $2bn losses.
Wynn Resorts is one of the most recognizable names in global gaming resorts. It was a very tough year for the Group as COVID-19 closed most of its properties, leaving a loss of $2.07bn for the fiscal year. Operating revenue dropped severely for the 12 months to December 31 at $2.10 bn compared to the $6.61bn from the year prior. That is a drop of 68.3%.
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It wasn't just revenue from the resorts themselves as Wynn suffered across all lines of business. Casino gaming revenue was hit 72.9% to $1.24bn, while hotel rooms fell 61.7% to $308m. With little to no delivery, Wynn's food and beverages fell to $329.6m or 59.8%, while retail, entertainment, and other verticals fell 46.6% to $221.1m.
The hardest hit of any of the Wynn properties was Wynn Macau, which fell by 80.1% to $505.4m, and, another Macau based property, the Wynn Palace fell by 77.1% to $474.7m.
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Even with the world's highest COVID-19 numbers, Wynn properties in North America fell less than other regions. Wynn Las Vegas dropped 54.2% to $747.9m, and, Wynn Encore Boston Harbor remained relatively the same at $361m.
Last year, Wynn formed Wynn Interactive to facilitate online gambling. This merged its US online sports wagering and gaming businesses, social casino, and its strategic partners.
Wynn announced that it plans to launch WynnBet Sports betting app soon, which would be operated by Wynn Interactive. This offering will hit many US states, already in Colorado, Michigan, and New Jersey.
“We believe our product will be increasingly compelling with each release over the coming months and look forward to growing the business in 2021,” commented Matt Maddox, Chief Executive of Wynn.
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Less was made and less was spent with operating expenses down 42% to $3.32bn. Casino operating costs dropped the most by 63.5%.
In 2019, Wynn posted profits of $488.2m, but, after accounting for $500.2m in other costs, Wynn announced a before-tax loss of $1.76bn.
“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,” Maddox continued.
“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.