Asia
Wynn Macau Reports Net Loss of US$280.6M in Q3 2020
Casino operator Wynn Macau has reported a net loss of US$280.6 million (MOP2.2 billion) in the third quarter (Q3) of 2020.
“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,” CEO Mathew Maddox said in a statement.
The group also reported US$35 million in Adjusted Property EBITDA losses for Q3 2020. Wynn Palace accounted for US$77.6 million and Wynn Macau HK$34.5 million.
As of September 30, Wynn Macau held US$2.28 billion in cash and cash derivatives, with US$5.96 billion in outstanding debt.
Brokerage Sanford C. Bernstein reported that in October, Wynn had a positive EBITDA of US$6 million. Mass rose to 40% of pre-COVID levels, and junket VIP to between 25% and 30%.
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