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Mar 31, 2020
Wynn Resorts Q1 2020 Earnings Report
Wynn Resorts reported a net loss for Q1 2020 due to decreased operating revenues, primarily caused by the closure of casinos and resorts due to the COVID-19 pandemic.
Key Takeaways
Wynn Resorts' Q1 2020 results were significantly impacted by the COVID-19 pandemic, with operating revenues decreasing by 42.3% to $953.7 million. The company reported a net loss of $402.0 million, or $3.77 per diluted share, compared to a net income of $104.9 million, or $0.98 per diluted share, in Q1 2019. Adjusted Property EBITDA was $(5.3) million, including $75.7 million of expense related to employee wages and benefits.
Operating revenues decreased by 42.3% to $953.7 million compared to Q1 2019.
Net loss attributable to Wynn Resorts, Limited was $402.0 million, or $3.77 per diluted share.
Adjusted Property EBITDA was $(5.3) million, including $75.7 million of expense for employee wages and benefits.
The company suspended its quarterly dividend program due to the financial impact of the coronavirus pandemic.
Wynn Resorts
Wynn Resorts
Wynn Resorts Revenue by Segment
Wynn Resorts Revenue by Geographic Location
Revenue by Segment
Casino Revenue
CapyFin.comRooms Revenue
CapyFin.comFood & Beverage Revenue
CapyFin.comEntertainment & Other Revenue
CapyFin.comWynn Palace Revenue
CapyFin.comWynn Macau Revenue
CapyFin.comLas Vegas Ops Revenue
CapyFin.comEncore Boston Harbor Revenue
CapyFin.comRevenue by Geographic Location
Macau Revenue
CapyFin.comLas Vegas Revenue
CapyFin.comBoston Revenue
CapyFin.com Forward Guidance
The company is focused on long-term business prospects and has taken steps to bolster its liquidity position. They are confident that travel and tourism will recover in both the U.S. and China.
Positive Outlook
- Implementing strategies to mitigate the impact of the virus on team members, guests, and communities.
- Investing in the health and safety of approximately 30,000 team members globally by committing to pay their full wages and benefits.
- Playing a leadership role in the industry’s re-emergence by producing a detailed reopening plan.
- Bolstering liquidity position by issuing $600 million of unsecured notes.
- Confident that travel and tourism will recover in both the U.S. and China.
Challenges Ahead
- Casino operations at Wynn Palace and Wynn Macau were closed for a 15-day period in February 2020.
- Certain public health safeguards remain in effect, such as traveler quarantines and limiting the number of seats per table game.
- Wynn Las Vegas ceased all operations and closed to the public on March 17, 2020.
- Encore Boston Harbor ceased all operations and closed to the public on March 15, 2020.
- Suspended its quarterly dividend program due to the financial impact of the coronavirus pandemic.
Revenue & Expenses
Visualization of income flow from segment revenue to net income