The operating income for Wynn Macau plummeted to 98.2% year-on-year
Wynn Macau has reported US$352 million lost in Q2 including Wynn Palace and Wynn Macau. Overall the operating income for Wynn Macau plummeted to 98.2% year-on-year to US$20.6 million, which is a massive drop compared to US$1.01 billion in the second quarter of 2019.
Dealing with the COVID-19 pandemic was an extremely difficult challenge for the casino operators, and due to the decline of the VIP club business, the company's casino operating losses for the second quarter reached 15 million US dollars, which means Wynn has let its players win $15 million US throughout the quarter. This proves that it is no longer a "casino always wins" situation. This has never happened to a multi-billion-dollar integrated resort before.
Wynn Palace’s operating income for the quarter was only US$8.7 million, which was far lower than the US$628.9 million in the same period last year.
The mass table betting business fell 98.3% year-on-year to US$22 million, with revenue of US$7.2 million. Slot machines dropped a similar percentage, with a gain of $2.4 million.
For Wynn Macau, its operating income in the second quarter was US$11.9 million, compared to US$546.5 million in the same period last year, the profit for mass betting was only US$3.4 million, and slot machines were US$2.6 million.
Wynn Macau also pointed out that although Macau relaxed its quarantine regulations on people between Guangdong Province of China and Macau on July 15, there is still no definite information on when the tourist numbers and other border situation may improve.
Its mother company Wynn Resorts Limited also announced that the operating income of the entire group fell 94.8% year-on-year to US$85.7 million, and the adjusted EBITDA loss was US$322.9 million.