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Wynn Macau Reports Net Loss of US$280.6M in Q3 2020

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5 years ago

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Wynn Macau Reports Net Loss of US$280.6M in Q3 2020
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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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Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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