Wynn Resorts reported a US$162.7.0 million loss from its Macau integrated resorts, Wynn Macau and Wynn Palace, in the three months to 30 September 2022, widened from the US$95.4 million loss recorded in the same period last year.
It was, however, narrowed from the US$185.3 million loss reported in 2Q22.
Wynn’s Macau subsidiary, Wynn Macau Ltd, continues to be impacted by mainland China’s COVID-zero policy, with various lockdowns and border restrictions making travel difficult.
According to Wynn Resorts’ 3Q22 financial results, released Thursday morning (Asia time), revenue from Macau operations fell 62.9% year-on-year and 1.4% sequentially to US$115.6 million. GGR was just 8% of 2019 levels.
Adjusted Property EBITDA was a loss of US$65.6 million, reversing an EBITDA gain of US$10.2 million in 3Q21 although narrowing the US$90.3 million EBITDA loss from 2Q22.
At Wynn Palace, operating revenues fell 58.5% year-on-year to US$75.2 million, with an Adjusted Property EBITDA loss of US$21.8 million.
Wynn Macau, located on the Macau peninsula, saw operating revenues decline by 69.1% to US$40.4 million with an Adjusted Property EBITDA loss of US$43.8 million.
“In Macau, while COVID-related travel restrictions continued to negatively impact our results, we were pleased to experience encouraging pockets of demand during the recent October holiday period,” said Wynn Resorts CEO Craig Billings.
“We remain confident that the market will benefit from the return of visitation over time.”
Group-wide, the Macau performance dragged Wynn Resorts to a US$142.9 million loss for the quarter – despite the company reporting record 3Q22 Adjusted Property EBITDA at Wynn Las Vegas and Encore Boston Harbor.
Operating revenues for Wynn Resorts declined by 10.5% to US$889.7 million.
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