Wynn Resorts Q3 2020 Earnings Report
Key Takeaways
Wynn Resorts reported a significant decrease in operating revenues and a net loss for the third quarter of 2020, primarily due to the ongoing impact of the COVID-19 pandemic and related operating restrictions. However, Encore Boston Harbor delivered record quarterly EBITDA, and Wynn Las Vegas experienced strong leisure demand on weekends. Macau saw a gradual easing of visitation restrictions, leading to EBITDA break-even in October.
Operating revenues decreased by 77.5% to $370.5 million compared to Q3 2019.
Net loss attributable to Wynn Resorts, Limited was $758.1 million, or $7.10 per diluted share.
Adjusted Property EBITDA was $(65.9) million, compared to $396.9 million in Q3 2019.
Encore Boston Harbor delivered record quarterly EBITDA during the third quarter.
Wynn Resorts
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Wynn Resorts Revenue by Segment
Forward Guidance
The company is encouraged by the progress made in each of its properties, despite the ongoing impact of the virus and related operating limitations. They are confident that Macau will continue to benefit from the return of consumer demand as they head into 2021.
Revenue & Expenses
Visualization of income flow from segment revenue to net income