Gaming giant Wynn takes Q1 hit

Wynn Resorts, in its first quarter financial results, showed a decrease of 42.9 per cent, or $697.8m, from the comparative $1.65bn of last year.

Adjusted EBITDA was -$5.3m which included the $75.7m expense related to its commitment to pay salary, tips and benefits for all of its US employees from April 1 through to May 15.

Matt Maddox, CEO, said: “In mid-March we led the industry by identifying the need for short-term closure in Las Vegas and Boston, thereby doing our part of ‘flatten the curve.’

“Concurrently, we decided to invest in the health and safety of our 30,000 team members globally by committing to pay their wages and benefits. We continue to play a leadership role in the industry’s re-emergence, most recently producing a detailed reopening plan, developed in consultation with medical experts, which we believe will be the gold standard for sanitisation and customer safety.”

Maddox said that the Macau operations had now been fully restored after a 15-day shutdown.