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Wynn Resorts Ltd Announces Q1 2020 Results

Niji Narayan

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Wynn Resorts Ltd Announces Q1 2020 Results
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Wynn Resorts Ltd has announced its Q1 2020 results. Operating revenues were $953.7 million during Q1 2020, a decrease of 42.3% from $1.65 billion during Q1 2019.

Net loss attributable to Wynn Resorts, Limited was $402.0 million, or $3.77 per diluted share, for the first quarter of 2020, compared to net income attributable to Wynn Resorts, Limited of $104.9 million, or $0.98 per diluted share, in the first quarter of 2019.

“Our leadership team has been working side-by-side with our host communities, fellow industry leaders and world-class medical experts to identify and implement strategies to mitigate the impact of the virus on our team members, our guests and our broader communities. In mid-March we led the industry by identifying the need for short-term closure in Las Vegas and Boston, thereby doing our part to ‘flatten the curve.’ Concurrently, we decided to invest in the health and safety of our approximately 30,000 team members globally by committing to pay their full wages and benefits through May. We continue to play a leadership role in the industry’s re-emergence, most recently producing a detailed reopening plan on April 19, developed in consultation with medical experts from Georgetown and Johns Hopkins Universities, which we believe will be the gold standard for sanitization and customer safety,” Matt Maddox, CEO of Wynn Resorts, said.

“At the same time, we have also been focused on our long-term business prospects, taking steps to bolster our already strong liquidity position by opportunistically issuing $600 million of unsecured notes and increasing our financial flexibility. While the current environment is clearly challenging, we are confident that travel and tourism will recover in both the U.S. and China, and our industry leading assets, fortress balance sheet and talented team members position the Company to thrive in the years ahead,” Matt Maddox added.

The Company announced that it has suspended its quarterly dividend programme due to the financial impact of the Coronavirus pandemic.

Asia

Singapore Games Association Launches

Niji Narayan

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Singapore Games Association Launches
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A new association has been launched in Singapore to bring local Esports and gaming to world stage.

The Singapore Games Association (SGGA), formerly Singapore Games Guild (SGG), officially launched with the mission of creating a sustainable local gaming and esports ecosystem as well as attract more esports events to the region.

SGGA is operating with support from Enterprise Singapore, Infocomm Media Development Authority and the Singapore Tourism Board. SGGA will serve as the sovereign city-state’s primary trade association for gaming and esports.

SGGA’s initiatives will begin by hosting an Industry Day on August 7-8 for local game professionals, as well as those hoping to enter the industry. In the third quarter of 2020, SGGA will launch its paid membership programme, which is open to all companies registered in Singapore, as well as Singapore-based individuals including freelancers.

The SGGA also announced the Singapore Esports initiative to establish industry-wide standards for hosting esports events and to celebrate the achievements of the Singaporean esports community.

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Asia

Companies Continue Japan IR Bid Despite Covid-19

Niji Narayan

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Companies Continue Japan IR Bid Despite Covid-19
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Four of the five front-running companies in the bid for three integrated resort (IR) licenses are keen on competing despite the Covid-19 pandemic, according to a survey conducted by the Japan Integrated Resort Association (JIRA).

JIRA conducted the survey in June. The survey covered 132 companies that are involved in the bidding process. As many as 88 companies said they are willing to continue bidding, with 16 respondents suggesting that they are more interested now. Only one among the top-five companies that are tipped to win the bids answered that they are “less interested” in the project now in view of the Covid-19 situation.

Many companies, 118 to be exact, admitted that their bidding preparations had been affected by the pandemic-induced situation.

As expected, a majority of companies (61.4%) suggested problems in international travel as the main hindrance.

Among the respondents, 59.0% expect difficulty in forecasting demand, while 40.9% are concerned with the cost of infectious disease control measures.

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Asia

ITL bill acceptor expands into Southeast Asia

George Miller

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ITL bill acceptor expands into Southeast Asia
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A bill acceptor (CBA9) designed specifically for Southeast Asia has been introduced to the market to simplify cash handling for OEM’s that export throughout the region. Already dominating the vending industry in China, the market-leading, field-proven banknote validator is now available in Indonesia, Malaysia, Philippines, Singapore, Taiwan, Thailand & Vietnam. Following consumer and market demand, ITL are keen to roll-out its accessibility to this vast Southeast Asia region.

Kravitz Liew is ITL’s Business Development Manager for Southeast Asia based in Malaysia. Kravitz commented, “The CBA9 is a cost-effective bill acceptor and boasts a quick transaction time (2-3 seconds) and advanced note-to-note processing capabilities. With its enhanced sensing technology, the CBA yields a high acceptance rate for the Southeast Asian currencies which we have currently available and we are delighted with the positive interest we have received from key Manufacturers in the region. Since I started working for ITL back in February this year, I have built up strong relationships with our customers in Southeast Asia and CBA9 is proof that we are providing the right product for the demands of the region.”

Kravitz continued, “Due to the product’s modular design, the CBA9 can be upgraded to add a note recycler to suit customer needs. It is particularly suited to vending and amusement industries where it offers exceptional field reliability. Free remote updates (including MDB) are available too giving our customers excellent value for money.”

Concluding Kravitz said, “The CBA9 is devised to maximise cash efficiency for customers requiring quick transactions and I am delighted to be able to offer our customers this solution. Southeast Asia is an important region for us, and we look forward to seeing a fast and widespread take-up of this cost-effective bill acceptor in the region.”

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