Wynn Posts First Quarter Loss Due to Covid-19

American land casino group Wynn has posted a trading update, wherein they indicated that they're posting a first quarter loss due to resort closures related to the Covid-19 pandemic.

Wynn's properties around the globe were closed due to the pandemic, and some of those properties remain so today. The Wynn Macau and Wynn Palace have resumed operations, but all Las Vegas properties are still shuttered. The company revealed that revenues for the Wynn Macau dropped 64.3% to $259.5 million, while revenues at the Wynn Las Vegas fell 19.3% to $323.8 million.

The end result was company-wide revenues were down 42.3% to $953.7 million and a net loss of $402 million.

It's likely that Wynn's second-quarter results will be even worse, as casinos for the entire period may well be closed.