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Wynn Macau reports US$154 million net loss in Q1

Wynn Macau reported today a net loss of US$154.1 million (MOP 1.23  billion) in the first quarter. 

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UPDATED: 22 Dec 2023, 5:43 am

Wynn Macau reported today a net loss of US$154.1 million (MOP 1.23  billion) in the first quarter.

The US gaming operator announced the loss in a condensed consolidated income statement to the Hong Kong Stock Exchange.

In the first quarter of last year, the company, which owns two of Macau’s 41 casinos, had reported a net profit of US$190.6 million.

Casino revenues dropped 62.9 per cent year-on-year to US$397.7 million. The two casinos generated 81.3 per cent of the company’s total operating revenues. The remainder was generated by revenues from hotel guestrooms, F&B, retail leases and other businesses.

In the first quarter, Wynn Macau paid US$220.7 million in gaming taxes and premiums, down 62.1 per cent year-on-year.

Wynn Resorts, the controlling shareholder of Wynn Macau, underlined in a separate statement in Las Vegas on Wednesday that its casinos in Macau were closed for a 15-day period in February and resumed operations on a reduced basis on February 20.

“Our casinos’ operations have since been fully restored; however, certain public health safeguards, such as traveller quarantines, limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection and health declarations, remain in effect at the present time,” the statement said, adding: “We are currently unable to determined when these measures will be lifted.”

Wynn Resorts operates Wynn Macau in Nape and Wynn Palace in Cotai.

(The Macau Post Daily/Macau News)

UPDATED: 22 Dec 2023, 5:43 am

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