Las Vegas hotels produce half of total revenue for Wynn Resorts in third quarter

Local News

LAS VEGAS (KLAS) — Third quarter operating revenue at Wynn Resorts’ Las Vegas hotels was down 53.3 percent compared to 2019 as the company scaled back operations at Encore.

“Encore at Wynn Las Vegas adjusted its operating schedule to five days/four nights each week due to currently reduced customer demand levels. We are currently unable to determine when certain of these measures will be lifted,” the company said in a news release that included broader earnings statements.

Operating revenues were $186.7 million, down from $399.5 million.

That accounts for about half the company’s revenue as restrictions continue to limit business at resorts in Macau.

And it is a big improvement from the second quarter of this year, when the entire company produced about $85 million in revenue.

Encore Boston Harbor produced a healthy $116.7 million in revenue, down 33 percent from last year.

Matt Maddox, CEO of Wynn Resorts, Limited, issued this statement:

We are encouraged by the progress we have made in each of our properties over the past several months, despite the ongoing impact of the virus and related operating limitations

Encore Boston Harbor delivered record quarterly EBITDA during the third quarter, while Wynn Las Vegas continued to experience strong leisure demand on weekends with solid hotel occupancy and casino play. In Macau, visitation restrictions have begun to gradually and thoughtfully ease, allowing us to achieve EBITDA break-even in October. We are confident that Macau will continue to benefit from the return of consumer demand as we head into 2021.

On the development front, we have made substantial progress advancing Wynn Interactive, our majority owned sports betting and online gaming subsidiary. During the third quarter, we launched online sports and casino offerings in New Jersey to an encouraging initial customer response. Beyond New Jersey, we have secured market access in numerous other states, and are in the process of applying for licenses on a standalone basis in Tennessee and Virginia. We are also in discussions with potential partners regarding additional access agreements in other jurisdictions. Our nationally-recognized brand and unique product-led strategy position us well to generate our fair share of this important, fast-growing business over the coming years.

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