Wynn Resorts posts lower revenue, more losses due to Macau weakness

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Wynn Resorts Ltd. on Tuesday announced a loss of $213.4 million in the second quarter, mainly due to poor results in Macau.

The Las Vegas-based company has three resorts in the Chinese Special Administrative Region. The company said in a statement that operations in Macau resulted in a net loss of $185.3 million.

The company, however, has seen better results from its properties in Las Vegas and Boston.

“Our second quarter financial results reflect the continued strength of Wynn Las Vegas and Encore Boston Harbor,” CEO Craig Billings said in a statement announcing the results. “Our teams’ continued focus on five-star hospitality and new experiences at our market-leading properties, combined with very strong guest demand, has led to a new all-time quarterly record (cash flow) at Wynn Las Vegas and a second-quarter record at Encore Port in Boston.

“In Macau, as COVID-related travel restrictions continued to impact our results, we remain confident that the market will benefit from the return of visits over time,” he said.

The company was scheduled to hold an earnings call with analysts later on Tuesday.

Health restrictions and border closures resulting from the COVID-19 pandemic in Macau have negatively affected the 41 casinos that have been operating there for over a year.

The company reported a loss of $1.14 per share on revenue of $908.8 million for the quarter ended June 30. In the same quarter a year ago, Wynn reported a loss of $173.4 million, $1.15 per share, on revenue of $990.1 million.

Revenue for the quarter was down 8.2% from a year ago.

This is a developing story. Check back for updates.

Contact Richard N. Velotta at [email protected] or 702-477-3893. Follow @RickVelotta on Twitter.

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