Wynn Resorts Financial Results Reflect Daunting Trading Conditions

For the fourth quarter and year ended December 31, 2020, Wynn Resorts announced financial results reflecting daunting trading conditions resulting from the ongoing pandemic.

In Q4, operating sales were $686 million, down 58.5 percent, or $967.5 million, from $1.65 billion year on year. The quarter’s net loss was $269.5m, or $2.53 per diluted share, compared to a net loss of $72.9m in Q4 2019.

In its report, the company stated that the results of Q4 2019 contained a $157.4m net tax provision, largely due to an improvement in the valuation allowance on its deferred tax assets. Meanwhile, in Q4 2020, adjusted property EBITDA was $69.8m compared to $443.1m year-on-year.

What was said…

Matt Maddox, CEO, explained: “We are encouraged by the progress we have made at each of our properties over the past several months, as we continue along the road to recovery from the pandemic.

“In Macau, the gradual and thoughtful easing of visitation restrictions allowed us to return to adjusted property EBITDA profitability in the fourth quarter, with particular strength in our premium mass business. In the US, our operations at both Wynn Las Vegas and Encore Boston Harbor were resilient as we continue to deliver our industry-leading service, while remaining focused on costs.

“On the development front, our WynnBet online casino and sports betting app is currently available in three states following successful launches in Colorado and Michigan, with additional launches planned over the coming months. We believe our product will be increasingly compelling with each release over the coming months and look forward to growing the business in 2021.”