Covid-19 continues to wreak havoc on Wynn performance in Q3
| By Daniel O'Boyle
A 77.5% year-on-year drop in revenue to $370.5m and a hefty tax provision meant Wynn Resorts swung to an $831.5m net loss in the third quarter of 2020.
The operator made $201.9m from gaming, down 81.8%. Rooms brought in $61.1m, while food and beverages contributed $76.6m and entertainment, retail and other revenue came to $30.8m, all down more than 70%.
Wynn Palace in Macau, traditionally the operator’s main source of revenue, brought in only $15.7m, down 97.4% year-on-year as the Macau market as a whole struggled due to travel restrictions. Similarly, the Wynn Macau property brought in just $51.4m, down 89.2%.
However, chief executive Matt Maddox said the Macau locations began posting positive earnings following the end of the quarter, and so he does not expect these struggles to be long-term.