Wynn optimistic as quarterly loss narrows

Wynn Resorts Q2 financials

Wynn Resorts began to chart a recovery in Q2 with the operator’s US properties in Las Vegas and Massachusetts reporting EBITDA records during the quarter.

 

Wynn Resorts CEO suggested that a rise in footfall and bookings during Q2 offer a “preview of what’s to come” as the operator begins to emerge from the impact of the coronavirus pandemic.

The company reported a net loss of $131.4m, an improvement of 79 percent year-on-year. Revenue was $990.1m, an increase of $904.4m from $85.7m in the same quarter of 2020. Adjusted property EBITDA for the quarter was $206.9m.

“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 US operations well above pre-pandemic levels, highlighting the significant pentup demand for travel and leisure experiences,” said Wynn Resorts’ CEO Matt Maddox.

Wynn’s Las Vegas operations reported operating revenues of $355.1m and adjusted property EBITDA of $133.2m for Q2.

“In July, Wynn Las Vegas experienced its single largest EBITDA for a month since we opened in 2005,” Maddox added, noting that occupancy rates have consistently been around 90 percent on weekends and 80 percent at midweek.

“What was great about the second quarter was each month was stronger than the last. In fact, June’s EBITDA was double what we experienced in April. We saw our occupancy continue to grow week-over-week, and the strength across all segments was quite apparent from our night clubs to our hotel, our restaurants and our gaming volumes,” he continued.

In Massachusetts, operating revenues from Encore Boston Harbor were $165.2m, while adjusted property EBITDA for the quarter was $46.9m.

In Boston, “we saw each month stronger than the last. Our database is accelerating quite rapidly there. In fact, our new sign-ups for our Wynn Rewards program were up 70 percent in the second quarter, compared to the first quarter,” Maddox noted. “July, record month, our best month on record for Encore Boston Harbor.”

While the Delta variant of COVID-19 represents a “bit of a curveball”, Maddox emphasised its impact “will be short term, and it will subside”.

“What is clear is people want to have fun. They want to go to Las Vegas. And as we see conventions come back, which is going to happen, and then, more international play from around the world come back, I am very confident that we will continue to see growth in our results in both Las Vegas and in Boston,” he affirmed.

Wynn Las Vegas president Marilyn Spiegel said the company currently has the highest number of group reservations for conventions and trade shows in its history for the second half of 2021. “For 2022, we are above pace from what we were in 2019, and the same is true for 2023,” she noted.

MADDOX: WYNN INTERACTIVE WILL BE “A REAL PLAYER” IN SPORTS WAGERING

 

Wynn Resorts’ online gaming division Wynn Interactive continued to make progress during Q2. “The [interactive] space is competitive, there’s no doubt. But we are very confident with what we put together, with our product, with our brand and what we’re going to be able to offer that we are going to be a real player in this market,” said Wynn’s CEO Matt Maddox speaking during the company’s quarterly earnings call. Wynn’s CFO Craig Billings said the company spend much of Q2 “aggressively advancing” the product features of its mobile sports and casino betting app and working on its marketing campaign ahead of the 2021 football season, which starts in September “Strategic highlights over the past few months include the recent launch of our web applications in Indiana, Colorado, Tennessee, New Jersey and Virginia, which we expect to help drive user acquisition over time,” he stated. “We’ve also strengthened our third-party partnerships through agreements with the Detroit Lions, the Colorado Rockies and Cumulus Media. We’ve also announced several new high-profile brand ambassadors, including Tim Howard and Chad Johnson, with more to come.”

 

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