Wynn Macau Limited suffers third-quarter financial setback

November 11, 2021 Earnings & Filings

In Macau and casino operator Wynn Macau Limited has reportedly released its unaudited financial results for the third quarter showing that its operating loss improved by 55.8% year-on-year to slightly over $95.3 million.

According to a report from Inside Asian Gaming, this figure was nevertheless almost double the $49.6 million deficit recorded for the previous quarter largely owing to the enclave’s temporary implementation of a series of strict coronavirus-related travel measures that seriously hindered visitation throughout September and October. The source detailed that the challenging conditions experienced during the three-month cycle were further reflected in a sequential fall of 31.3% in the casino firm’s operating revenues to $311.9 million although this tally was some 365% higher than the around $67 million it recorded for the same period in 2020.

Depressed dilemma:

Wynn Macau Limited is responsible for the 1,000-room Wynn Macau as well as the even larger Wynn Palace Cotai venues and reportedly saw its adjusted third-quarter earnings before interest, tax, depreciation and amortization improve by 110.7% year-on-year to $12.1 million. The Hong Kong-listed company furthermore purportedly disclosed that it held $2.4 billion in cash and equivalents at the end of September alongside roughly $5.7 billion in long-term debts.

Retreating receipts:

Regarding its specific properties and Wynn Macau Limited, in which Las Vegas-headquartered casino giant Wynn Resort Limited commands a 72% shareholding, divulged that third-quarter operating revenues at its Wynn Macau enterprise dropped by almost 29% sequentially as associated adjusted earnings before interest, tax, depreciation and amortization came in at a loss of $1.9 million. The operator explained that its 1,700-room Wynn Palace Cotai venue proved more resilient as operating revenues for the three months to the end of September improved by over 1,000% year-on-year to $181.3 million despite being 32.9% lower than the $270.4 million chalked up for the preceding quarter.

Parental performance: