Wynn Resorts reported an operating loss for its Macau operations of US$74.3 million for the three months to 31 December 2020, down from a profit of US$207.9 million a year earlier but vastly improved over the US$216 million loss reported in the third quarter.
With border restrictions having gradually eased from August through the end of the year, Wynn’s two Macau properties – Wynn Palace and Wynn Macau – both showed stark improvement for the fourth quarter with combined Adjusted Property EBITDA of US$39.4 million. That compared with an EBITDA loss of US$112.1 million in 3Q20.
Both properties exhibited substantial gains, with Wynn Palace reporting a 62.5% year-on-year decline in operating revenues to US$221.5 million, compared with just US$15.7 million in Q3. Adjusted Property EBITDA reversed from a loss of US$77.6 million in the third quarter to positive US$28.7 million – despite VIP win percentage falling from 3.07% in 4Q19 to just 1.97% in 4Q20. Mass market win percentage also fell from 25.2% to 21.6%, the company said.
At Wynn Macau, located on the Macau peninsula, operating revenues fell 65.4% year-on-year to US$181.9 million in 4Q20, with Adjusted EBITDA of US$10.7 million. That compared with revenue of US$51.4 million and an Adjusted Property EBITDA loss of US$34.5 million in Q3. Both VIP and mass also experienced slightly worse luck than during the same period in 2019.
“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,” said Wynn Resorts CEO Matt Maddox.
“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.”
Group-wide, Wynn Resorts reported a 58.5% year-on-year decline in operating revenues to US$686.0 million in 4Q20, with Adjusted Property EBITDA of US$69.8 million. Net loss attributable to Wynn Resorts was US$269.5 million.
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