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Wynn posts $2.07bn net loss as Covid-19 takes its toll in 2020

| By Robert Fletcher
Wynn Resorts International has posted a $2.07bn net loss for its 2020 financial year after the enforced closure of its casino properties due to the novel coronavirus (Covid-19) pandemic led to a sharp decline in revenue.

Total operating revenue for the 12 months through to December 31 amounted to $2.10bn (£1.53bn/€1.75bn), down 68.3% from $6.61bn in the previous year.

Wynn saw revenue decline across all business areas, as a direct result of having to temporarily close its casino properties, in line with regional restrictions for Covid-19.

Gaming revenue plummeted $72.9% to $1.24bn, while rooms revenue declined $61.7% to $308.0m. Food and beverage revenue was down 59.8% to $329.6m, and entertainment, retail and other revenue fell 46.6% to $221.1m.

Breaking down revenue by regional performance, Wynn Macau revenue was down 80.1% at $505.4m and Wynn Palace, also in Macau, saw revenue fall 77.1% to $474.7m. In the US, Las Vegas revenue was down 54.2% to $747.9m. Also in the US, revenue at Wynn’s Encore Boston Harbor stayed relatively level at $361.7m.

Read the full story on iGB North America.

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