International edition
July 31, 2021

Casino operations in Macau were closed for a 15-day period in February 2020

Wynn Macau spent USD 2.5 M per day in expenses during closure 

Wynn Macau spent USD 2.5 M per day in expenses during closure 
The casino giant said that during the 15-day closure, Wynn Macau incurred about US$2.5 million per day of cash operating expenses, excluding cash interest expense of US$0.5 million per day.
Macau | 04/09/2020

Wynn Macau says the combined total operating revenues are expected to be in the range of US$912 million to US$969 million for the three months ended March 31, compared with US$1.64 billion for the three months ended March 31, 2019.

O

perations were fully restored at Wynn Macau casinos on March 20 but certain health safeguards, such as limiting the number of seats per table game, slot machine spacing, temperature checks, mask protection, and health declarations are in effect.

The casino giant said that during the 15-day closure, Wynn Macau incurred about US$2.5 million per day of cash operating expenses, excluding cash interest expense of US$0.5 million per day.

"Until such measures are lifted, we expect to continue to incur such cash costs in excess of the amounts we are earning at our properties,'' Wynn Macau says.

Casino operations in Macau were closed for a 15-day period in February 2020 and resumed operations on a reduced basis on February 20.

"We are currently unable to determine when these measures will be lifted,'' the casino owner and operator says.

At March 31, the operating properties had about US$800 million of cash and cash equivalents and US$74 million of available borrowing capacity under their revolving credit facility.

In April 2020, an additional US$50 million was drawn under the revolving credit facility and, as a result, US$24 million remains available for additional liquidity. In addition, Wynn Macau, Limited had an additional US$1  billion of cash and cash equivalents at March 31.

Wynn Macau says the combined total operating revenues are expected to be in the range of US$912 million to US$969 million for the three months ended March 31, compared with US$1.64 billion for the three months ended March 31, 2019.

"We currently expect adjusted property EBITDA, excluding certain leased retail space directly owned by Wynn Resorts, to be in the range of about US$58 million to US$65 million for three months ended March 31, compared with US$484.0 million for the three months ended March 31, 2019,'' Wynn Macau said in a statement.

Adjusted Property EBITDA has been adjusted to add back provisional expenses totaling between US$70 million and US$80 million recorded in connection with our commitment to our employees to provide wage and benefits continuation from April 1 through May 15.

Leave your comment
Newsletter Subscription
Subscribe to receive the latest news and updates
Enter a valid email
Complete the captcha
Thank you for registering to our newsletter.