Wynn Macau’s operating revenues fell 8.7% year-on-year to US$4.61 billion in FY19, with the company noting the likelihood of further negative impact in 2020 as a result of COVID-19.
The company’s annual report, published on Tuesday, showed revenues for Wynn Palace and Wynn Macau of US$2.54 billion and US$2.07 billion respectively in 2019, down by 7.8% and 9.8%.
Adjusted Property EBITDA of its Macau operations was US$1.38 billion, down by 13.6% compared with 2018.
Total gaming revenues at Wynn Palace decreased by 9.2% to US$2.14 billion while Wynn Macau recorded a 10% drop to US$1.80 billion, with VIP turnover plummeting by 25% and 38.7% respectively.
Outlining the impact of coronavirus, Wynn said it expects to return to full operations by 20 March, which is the deadline set by the Macau SAR government, but warned of ongoing adverse effects.
“Given the uncertainty around the extent and timing of the potential future spread or mitigation of the Coronavirus and around the imposition or relaxation of protective measures, we cannot reasonably estimate the impact to our future results of operations, cash flows, or financial condition,” it said.
International relations, economic disruptions in mainland China, cancellation of the Individual Visitor Scheme (IVS) and entry requirements placed on citizens of mainland China, as well as anti-corruption campaigns and restrictions on international money transfers, are all impacting demand, Wynn added.
