Wynn slips to loss in Q1 due to Covid-19 closures
Casino operator Wynn Resorts has put a net loss of $402.0m (£325.6m/€372.7m) in the first quarter primarily down to the temporary closure of its sites in the US and Macau due to the novel coronavirus (Covid-19) pandemic.
Operating revenue for the three months to March 31, 2020, amounted to $953.7m, down 42.3% from $1.65bn in the corresponding period last year.
Wynn reported year-on-year declines across all operations in the US and Macau during the period, as its properties were forced to close as a result of measures designed to slow the spread of Covid-19 in both the US and China.
Both the Wynn Macau and Wynn Palace, which are located in Macau, closed for a 15-day period in February 2020 and resumed operations on a reduced basis on February 20.
Revenue at the Wynn Macau fell 64.3% from $726.6m to $259.5m in Q1, while operating revenue from Wynn Macau also dropped 56.2% from $523.9m to $229.5m.
Looking at the US, the Wynn Las Vegas in Nevada ceased all operations and closed to the public on March 17, and will remain closed until authorised to re-open. Partly as a result of the closure, operating revenue fell 19.3% to $323.8m.
Read the full story on iGB North America.