Business::Article MarketingWynn Resorts posts wider-than-expected loss on pandemic hit

August 16, 2020by wallacebourget50

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Aug 4 (Reuters) – Wynn Resorts Ltd on Tuesday posted a wider-than-expected loss for the second quarter, as the COVID-19 pandemic kept customers away from gaming tables and hurt the U.S.

casino operator’s gambling revenue.

Hopes for a near-term recovery in Macau, the world’s biggest gambling hub, have dulled as a resurgence in coronavirus cases muddies the outlook for when China will reinstate travel visas.

A significant amount of the operator’s gaming revenues in Macau and Las Vegas come from customers from mainland China.

Wynn’s Macau operations accounted for nearly 70% of its revenue in 2019.

Gambling revenue in Macau plunged 94.5% in July as casinos reeled from a lack of visitors in the casino hub despite a loosening of quarantine restrictions.

Revenue from Wynn’s main casino business plunged 99.2% to $9.4 million during the second quarter ended June 30.

Total revenue plunged 94.8% to $85.7 million.

Net loss attributable to Wynn Resorts was $637.6 million, or $5.97 per share, in the quarter, compared to a profit of $94.55 million, or 88 cents per share, a year ago.

Excluding items, the company posted a loss of $6.14 per share.

Analysts on average expected the company to post a loss of $4.98 per share, according to Refinitiv data.

Shares of the company were down about 2% at $71.41 in extended trade. (Reporting by Sanjana Shivdas in Bengaluru; Editing by Shailesh Kuber)

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