Wynn Macau Ltd has recorded an operating loss of US$128.2 million for the three months to 31 December 2021, widened from a loss of US$74.3 million in the same period in 2020 and from the US$95.4 million loss announced for 3Q21.
The widened loss, impacted by on again, off again border restrictions between Macau and mainland China throughout the quarter, relate to the two Macau integrated resorts under the company’s purview – Wynn Palace and Wynn Macau.
Operating revenues for the December quarter reached US$128.2 million, less than half the US$312 million recorded in Q3, while an Adjusted EBITDA loss of US$25.9 million compared with positive Adjusted EBITDA of US$39.4 million in 4Q20 and US$10.2 million in 3Q21.
By property, operating revenues at Wynn Palace fell 12.4% year-on-year to US$194 million. Adjusted Property EBITDA from Wynn Palace was a loss of US$1.4 million compared with US$28.7 million for the fourth quarter of 2020.
At peninsula property Wynn Macau, operating revenues fell 27.6% to US$131.7 million with an Adjusted Property EBITDA loss of US$24.5 million.
Both properties suffered from the decline of VIP gaming, with Wynn Palace reporting a 57.6% year-on-year decline in VIP turnover to US$1.19 billion and a 44.4% fall in VIP win to US$30.8 million. At Wynn Macau, VIP turnover fell 51.6% to US$858.1 million with VIP win down 55.5% to US$24.4 million.
By comparison, mass table drop at Wynn Palace was down only 10.1% to US$592.1 million and mass table win by 5.7% to US$134.2 million, while mass table drop at Wynn Macau fell 16.7% to US$527.2 million and win by 19.1% to US$91.5 million.
Group-wide, Wynn Macau’s parent company, Wynn Resorts, saw better results with operating revenues rising 53.5% to US$1.05 billion, with net loss narrowed to US$177.2 million from a loss of $269.5 million in 4Q20.
The Q4 results included a 186.3% increase in operating revenues from Las Vegas operations to US$493.9 million and 96.4% increase in revenues from Encore Boston Harbor to US$204.0 million.
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