Wynn posts $1.04bn loss in H1 amid global Covid-19 closures
Casino operator Wynn Resorts has reported a net loss of $1.04bn (£795.0m/€880.0m) for the first half of the year, after the novel coronavirus (Covid-19) pandemic forced the temporary closure of its venues in the US and Macau.
Total operating revenue in the six months to June 30 amounted to $1.04bn, down 68.6% from $3.31bn in the corresponding period last year.
Though Wynn did not publish regional results for the first half, it said that the pandemic had an impact on all of its properties, with each having had to close for a period in line with regulations aimed at slowing the spread of Covid-19.
Macau-based operations at the Wynn Palace and Wynn Macau were halted on February 5 and did not resume until February 20, albeit it on a reduced basis. Operations are yet to be fully restored, with Wynn still facing a host of measures such as traveller quarantines, limited table game capacity and slot machine spacing.
It is not yet clear when these measures will be lifted, but on July 15, authorities eased certain quarantine requirements for those traveling between Guangdong Province and Macau.
In the US, the Wynn Las Vegas in Nevada temporarily closed on March 17 and did not reopen until June 4, again with a number of restrictions in place, in line with state orders. The Encore Boston Harbor in Massachusetts ceased all operations and closed to the public on March 15, and did not reopen again until July 12, after the reporting period had ended.
Read the full story on iGB North America.