The operator said H2 2021 is on pace to have the most group bookings in the company’s history

W

ynn Resorts reported Wednesday its financial results for the quarter ended June 30, 2021. 

According to the information provided by the company in a press release, Wynn’s operating revenues were $990.1 million for the second quarter of 2021, an increase of $904.4 million from the second quarter of 2020, above Wall Street expectations. Operating revenues increased $261.7 million, $172.1 million, $290.2 million, and $165.0 million at Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor, respectively, from the second quarter of 2020.

Net loss attributable to Wynn Resorts was $131.4 million, or $1.15 per diluted share, for the second quarter of 2021, compared to $637.6 million, or $5.97 per diluted share, in the second quarter of 2020. Adjusted net loss attributable to Wynn Resorts was $128.7 million, or $1.12 per diluted share, compared to adjusted net loss of $655.7 million, or $6.14 per diluted share, for Q2 2020.

Adjusted Property EBITDA was $206.9 million for the second quarter of 2021. Adjusted Property EBITDA was $(322.9) million for the second quarter of 2020, which excluded the impact of $75.7 million of expense related to salary payment, tips and benefits continuation for all U.S. employees for the period from April 1 through May 15, 2020, which was accrued during the first quarter of 2020.

“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, CEO of Wynn Resorts. “While there have been some fits and starts along the road to recovery in Macau, we were encouraged by the strong demand we experienced during the May holiday period, particularly in our premium mass casino and luxury retail segments. 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.”

Wynn Resorts is closely watching the sudden resurgence in Covid-19 cases due to the Delta variant. On Wednesday’s investor call, Maddox predicted any new governmental restrictions will be short-term and subside in the coming weeks, KLAS reports.

Furthermore, Marilyn Spiegel, the president of both Wynn and Encore Resorts, said the second half of 2021 is on pace to have the most group bookings in the company’s history.

The company also broke down its numbers according to each of its properties. As Wynn wrote in its press release, these figures are the consequence of partial or full closure for varying lengths of time during 2020, each has since reopened with certain preventive measures. 

For Macau’s property, Wynn Palace, operating revenues were $270.4 million for the second quarter of 2021, an increase of $261.7 million from $8.7 million for the second quarter of 2020. Adjusted Property EBITDA from Wynn Palace was $53.6 million for the second quarter of 2021, compared with $(110.9) million for the second quarter of 2020. VIP table games win as a percentage of turnover was 3.95%, above the property’s expected range of 2.7% to 3.0% and above the (1.73)% experienced in the second quarter of 2020. Table games win percentage in mass market operations was 23.1%, below the 32.5% experienced in the second quarter of 2020.

For Wynn Macau operating revenues were $184.0 million for the second quarter of 2021, an increase of $172.1 million from $11.9 million for the second quarter of 2020. Adjusted Property EBITDA was $14.1 million for the second quarter of 2021, compared with $(82.6) million for the second quarter of 2020. VIP table games win as a percentage of turnover was 2.64%, below the property’s expected range of 2.7% to 3.0% and above the (2.00)% experienced in the second quarter of 2020. Table games win percentage in mass market operations was 19.2%, above the 8.3% experienced in the second quarter of 2020.

Operating revenues from Las Vegas were $355.1 million for the second quarter of 2021, an increase of $290.2 million from $64.9 million for the second quarter of 2020. Adjusted Property EBITDA from Las Vegas Operations for the second quarter of 2021 was $133.2 million – $75.6 million in Q2, 2020, excluding the impact  of $56.4 million of expense related to salary payment, tips, and benefits continuation for U.S. employees for the period from April 1 through May 15, 2020, which were accrued within operating expenses during the first quarter of 2020-. Table games win percentage for the second quarter of 2021 was 23.2%, within the property’s expected range of 22% to 26% and above the 19.7% experienced in the second quarter of 2020.

Operating revenues from Encore Boston Harbor were $165.2 million for the second quarter of 2021. Adjusted Property EBITDA from Encore Boston Harbor for the second quarter of 2021 was $46.9 million -as compared to $53.8 million in Q2, 2020, which excluded the impact of $19.3 million of expense related to payment of salary, tips, and benefits continuation for all U.S. employees for the period from April 1 through May 15, 2020, which were accrued within operating expenses during the first quarter of 2020-. Table games win percentage for the second quarter of 2021 was 21.2%, within the property’s expected range of 18% to 22%.

As of June 30, 2021, the available borrowing capacity under the Wynn Resorts Finance Revolver and Wynn Macau Revolver was $834.2 million and $293.2 million, respectively.

Total current and long-term debt outstanding at June 30, 2021 was $11.92 billion, comprised of $5.94 billion of Macau related debt, $3.13 billion of Wynn Las Vegas debt, $2.24 billion of Wynn Resorts Finance debt, and $612.6 million of debt held by the retail joint venture which we consolidate.

Original article: https://www.yogonet.com/international//noticias/2021/08/05/58691-wynn-sees-pent-up-demand-fuel-us-property-earnings-above-pre-pandemic-levels

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