Wynn Resorts Reports Second Quarter Loss Of $638 MillionCEO Matt Maddox Says Las Vegas Properties Are Acting As "Super-Regional Casino" |
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Another Las Vegas casino company announced a big second quarter loss.
Just a few weeks after Las Vegas Sands Corp. reported a nearly $1 billion loss for the second quarter, Wynn Resorts claimed it was $637.6 million in the red for the same time frame in an earnings call Wednesday.
From April 1 through June 30, Wynn Resorts generated just $85.7 million in revenue, with its two Las Vegas Strip properties closed for the majority of the time period and its Boston location closed for the entire duration.
Both Wynn and Encore Las Vegas opened when Gov. Steve Sisolak reopened the Las Vegas gambling market June 4, while Encore Boston Harbor reopened in mid-July. The company also owns a casino in Macau, which has also been experiencing a revenue drop in the wake of the COVID-19 pandemic.
During the call, CEO Matt Maddox addressed the revenue concerns of the Las Vegas properties. With Sin City tourism slumping and the absence of major conventions, Maddox said it wasn’t drawing the same attendance it used to.
“We’re effectively a super-regional casino right now,” said Maddox.
According to a Las Vegas CBS affiliate, the company was targeting its marketing towards Arizona and California residents. The CBS report also said that Wynn hotels were experiencing about 50 percent capacity on weekends and 30 percent during the week.
Maddox said that he would be targeting smaller conventions as technology improves for fast-acting COVID-19 testing that could have results for as many as 10 people within five minutes. He hopes to attract them by spring of next year.
“That’s sort of the bridge that we need to get to … before the vaccine,” said Maddox. “No one can predict the future right now, so groups are holding off to late spring 2021 and beyond.”
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