Wynn Macau Q1 losses widen to HK$1.25 billion

Wynn Resorts Ltd, parent company of Wynn Macau (1128), has announced financial results for the quarter ended 31 March 2021, reporting operating revenues of US$725.8 million (HK$5.64 billion) for the period.

The figure was a decrease of 23.9%, or US$227.9 million, from US$953.7 million for the same period of 2020.

Net loss attributable to Wynn Resorts was US$281 million in the first quarter of 2021 compared to net loss attributable to Wynn Resorts of US$402 million in the same period of 2020.

Wynn Palace was the most lucrative property for the company, generating US$237.3 million in the first quarter of 2021. Wynn Macau was next with US$179.7 million.

Adjusted Property EBITDA for Wynn Resorts stood at US$58.9 million for the first quarter of 2021. Adjusted EBITDA at Wynn Palace increased by US$17.2 million and decreased by US$2.7 million at Wynn Macau, when compared with the first quarter of 2020.

The quarterly loss at Wynn Macau has widened year-on-year, to US$161.2 million (HK$1.25 billion), from US$154.2 million in the first three months of 2020, according to a filing to the Hong Kong Stock Exchange.

“Our first quarter results reflect continued progress in our business as consumers began to once again travel to their favorite leisure and gaming destinations,” said Matt Maddox, CEO of Wynn Resorts. Mr Maddox added that Wynn’s Macau properties “experienced continued gradual improvement in visitation trends driving particular strength in premium mass casino and luxury retail”.

The CEO also revealed that the company was planning to fuel the growth of WynnBET through a merger of Wynn Interactive with Austerlitz Acquisition Corp I.

“We are proud to join forces with Bill Foley as we continue to aggressively scale in online sports betting and iGaming. With WynnBET now live in six states, we will be launching enhanced product features and expanding our market position in 2021,” said Mr Maddox.