Wynn Revenues Drop 94.8% in Second Quarter

This week Wynn Resorts announced that their second quarter revenues slipped by 94.8% in the second quarter due to casino closures related to the Covid-19 pandemic.

The revenues generated were $85.7 million, down from $1.66 billion last year. The company ended up posting a loss for the period of $638 million. The Wynn Macau generated $11.9 million, down 97.8%; Wynn Palace brought in $8.7 million, down 98.6%; Wynn Las Vegas generated $64.9 million, down 86%; and the Encore Boston Harbor brought in nothing because it was closed for the entire quarter.

"Our leadership team continues to work closely with our host communities, fellow industry leaders, and world-class medical experts to implement and advance strategies to mitigate the impact of the virus on our team members, our guests and our broader communities," said Wynn CEO Matt Maddox. "In Macau, the authorities have begun to gradually and thoughtfully ease some visitation restrictions, and we are confident the market will benefit from the return of the Chinese consumer as we move through the back half of 2020."

Maddox said that the company has been testing employees for Covid-19 in an effort to run their resorts, and that only 2% of the 300 employees have come back positive. He maintains that the company is doing everything they can to safely operate their properties.

About the author

Dustin Jermalowicz // News Editor
Dustin Jermalowicz
Dustin has a long-standing passion for gambling. He has been writing professionally on the subject and breaking industry news for Casino Listings since 2011. His favorite casino games include Blackjack, Poker, and Hi/Lo. A proud native of Detroit, Dustin currently lives in Michigan.
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usbarbadosslim93
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6 August 2020 - 12:42pm
#1

I also saw that Wynn is also going to be ditching any plans to open a casino in Japan due to their situation and uncertainty over the market. That sucks, as I feel Wynn properties are usually quite nice!

krcoolsongss
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6 August 2020 - 5:27pm
#2

It was obvious., right? I heard that most of big and old casinos in Macau do have cash to spend at least like 10 months to some years, as I read from somewhere. They are not going to fire the employees for a certain period, and so on.

I think that Wynn and other Las Vegas casinos should be more open about their financial status 🙂

And I never think that the Chinese players will come back in the later half of 2020 😀

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