Wynn Resorts issues Q2 results

Wynn Resorts has reported financial results for the quarter ended June 30, 2020, showing that operating revenues were $85.7m for the second quarter, a decrease of 94.8 per cent from $1.66bn for Q2 2019.

Net loss attributable to Wynn Resorts was $637.6m, or $5.97 per diluted share, for the second quarter of 2020, compared to net income of $94.6m, or $0.88 per diluted share, in the second quarter of 2019.

Net loss attributable for the second quarter oexcludes the impact of $75.7m of expense related to the company’s commitment to pay salary, tips and benefits continuation for all of its US employees for the period from April 1 to May 15, which we accrued during the first quarter of 2020. Adjusted property EBITDA was $322.9m for the second quarter of 2020, compared to of $480.6m in the second quarter of 2019.

“Our leadership team continues to work closely with our host communities, fellow industry leaders and world-class medical experts to implement and advance strategies to mitigate the impact of the virus on our team members, our guests and our broader communities,” said Matt Maddox, CEO of Wynn Resorts.

“We are pleased to be up and running again in each of our markets. In early June, we reopened nearly our entire Wynn Las Vegas and Encore campus with an intense focus on cleanliness and safety. Similarly, in Boston, we reopened Encore Boston Harbor on July 12 to a positive reception as many of our customers currently prefer to stay close to home.

“In Macau, the authorities have begun to gradually and thoughtfully ease some visitation restrictions and we are confident the market will benefit from the return of the Chinese consumer as we move through the back half of 2020.”