Wynn Resorts has reported a revenue of $1.72bn in a profitable half-year for the company, a rise of 66.1% compared to the half-year 2020 results, which were affected by the novel coronavirus (Covid-19) pandemic.
Most revenue was generated by Wynn’s casino operations, which brought in $1.11bn, a sharp increase of 92.8% year-on-year due to the widespread casino closures. Food and beverage brought in the second most revenue at $217.6m, an increase of 25.5% compared to the previous same period. The remaining revenue was made up of rooms and entertainment, retail and other sources.
Wynn Palace in Macau was the operator’s leading property, generating $507.6m in revenue, up from $268.2m in the previous first half. A grand majority of this total, $397.9m, came from casino operations, with the rest comprising of rooms, food and beverage and entertainment revenue.
Wynn Macau saw its revenue more than double year-on-year, from $241.2m to $363.6m. Again a majority, $281.3m, came from casino revenue.
Wynn’s Las Vegas operations brought in $355/1m and Encore Boston harbor $135.2m.
Expenses, however, added up to $1.93bn, a rise of 6.7% year-on-year. Casino operations generated the most expense at $733.5m, with general and administrative costs coming behind at $377.3m. Depreciation and amortization costs were the third highest, ay $368.4m. The remaining expenses included food and beverage, entertainment and rooms costs.
This left Wynn’s operating loss at $205.2m, must less than the $770.4 loss generated in the same period of 2020.
Further expenses included interest income and change in fair value of derivatives, which left the loss before income taxes at $508.3m. With taxes, the total net loss for the period was $509.5m, significantly less than the net loss of $1.18bn made in the first half of 2020.
The month after Wynn released its 2020 H1 results, Guangdong province lifted quarantine rules for travelers entering Macau, generating more profit in comparison in the following months.
In Wynn’s Las Vegas operations, revenue rose by 37.3% to $533.7m, while Wynn’s Encore Boston Harbor saw an operating revenue increase of 109.3% to $295.3m.
“We were pleased to see the strong return of our guests at both Wynn Las Vegas and Encore Boston Harbor during the second quarter with Adjusted Property EBITDA at our U.S. operations well above pre-pandemic levels, highlighting the significant pent-up demand for travel and leisure experiences,” said Matt Maddox, chief executive of Wynn Resorts.
“On the development front, our WynnBET online casino and sports betting app is currently available in six states with additional launches planned over the coming months. We continue to enhance our product with frequent new feature releases and are advancing our marketing and branding strategy as we approach the upcoming NFL 2021 season.”
In addition, the company released its Q2 results. The overall operating revenue for the period was $990.1m, a significant rise of $904.4m compared to Q2 2020. Operating expenses totaled at $1.01bn, leaving the operating loss at $29.5m. With the addition of other expenses, the total net loss for the period, after taxes, came to $173.3m.