Wynn Resorts recorded revenue figures of $725.8m (£514.2m/€597.1m) for the first quarter of 2021, representing a 23.9% decrease from this time last year.
Casino revenue was down by 9.6%, but it was still the biggest contributor to the total, drawing in $516.2m. Rooms generated $76.1m, food and drink added $68.5m, while entertainment, retail and other revenues came to $64.9m.
Each of Wynn’s properties was subject to partial or full closure during 2020 as a result of the Covid-19 pandemic, and while most were fully open in Q1 of 2021, they were still subject to restrictions, which led to the decline in revenue.
Wynn Palace was the most lucrative property for the company, generating $237.3m. Wynn Macau was next with $179.7m, the operator’s various Las Vegas Operations raised $178.7m, and Encore Boston Harbor brought in $130.1m.
Operating expenses fell by 24.9% to $901.5m; casinos were the biggest expense at $352.0m, general and administrative costs amounted to $179.8m, depreciation and amortization totaled $185.1m, room costs $33.5m and and food and drink cost $73.9m. Much of the decline in costs was due to lower administrative expenses and costs of sales.
Because of this, overall operating losses came to $175.7m, down from $247.4m from this time last year. Macau operations (Wynn Palace, Wynn Macau and others) contributed $75.0m to the overall figure – Wynn Palace had operating losses of $54.8m, and Wynn Macau lost $16.9m.
Las Vegas Operations had losses of $40.0m, and Encore Boston Harbor had losses of $18.6m.
Net losses for Wynn Resorts came to $336.2m – a 25.3% decrease from last year. Adjusted EBITDA also came to $58.9m
Wynn Resorts CEO Matt Maddox said: “Our first quarter results reflect continued progress in our business as consumers began to once again travel to their favorite leisure and gaming destinations.
“Wynn Las Vegas showed continued strength in the casino segment, with the property remaining the destination of choice for high quality gaming customers, while forward bookings in the leisure segment improved throughout the quarter.
The business also announced that its Wynn Interactive subsidiary would spin off and merge with special purpose acquisition company Austerlitz Acquisition Corp I, trading on the Nasdaq exchange.
“We are also pleased to announce our intention to fuel the growth of WynnBET through a merger of Wynn Interactive with Austerlitz Acquisition Corp I. We are proud to join forces with Bill Foley as we continue to aggressively scale in online sports betting and iGaming. With WynnBET now live in six states, we will be launching enhanced product features and expanding our market position in 2021.”