Wynn Resorts on Thursday reported large net losses for the fourth quarter and for 2020.
Operating revenues were $686.0 million for the fourth quarter of 2020, a decrease of 58.5% compared to the same period of 2019. Net loss attributable to Wynn Resorts was $269.5 million (up from a net loss of $72.9 million in Q4 2019), or $2.53 a share.
For 2020, the casino operator reported a net loss of $2.327 billion, on revenue of $2.096 billion. In 2019, Wynn had reported net income of $123 million, on revenue of $6.611 billion.
"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," said Matt Maddox, CEO of Wynn Resorts. "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."
Maddox said that for Super Bowl, Wynn's properties will be at almost 50% occupancy, "the first time since October, with over 1,000 casino customers coming, which is significantly more than we had for New Years Eve."
This month, Wynn will open its COVID-19 testing lab, which can process 5,000-7,000 tests a day. Wynn says the lab, along with its vaccination center, will give customers the ability to have a “health passport.” Maddox said this will be an advantage for Wynn Resorts going forward to keep current groups on, and attract more guests.
"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."
Operating revenues from Wynn's Las Vegas operations were $172.5 million for the fourth quarter of 2020, a 53.2% decrease year-over-year. Operating revenues from Encore Boston Harbor were $103.9 million in Q4, a 38.6% drop.
In Macau, Wynn Palace saw a 62.5% decrease year-on-year to $221.5 million during the fourth quarter of 2020, while Wynn Macau saw operating revenues of $181.9 million, a 65.4% decline.