Wynn Resorts reports second-quarter loss of $637.6 million
Wynn Resorts Ltd. reported a second-quarter loss of $637.6 million on Tuesday.
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On a per-share basis, the Las Vegas-based company said it had a loss of $5.97. Losses, adjusted for non-recurring gains, came to $6.14 per share.
"Our leadership team continues to work closely with our host communities, fellow industry leaders and world-class medical experts to implement and advance strategies to mitigate the impact of the virus on our team members, our guests and our broader communities," said Matt Maddox, CEO of Wynn Resorts, Limited. "We are pleased to be up and running again in each of our markets. In early June, we reopened nearly our entire Wynn Las Vegas and Encore campus with an intense focus on cleanliness and safety. Similarly, in Boston, we reopened Encore Boston Harbor on July 12 to a positive reception as many of our customers currently prefer to stay close to home. In Macau, the authorities have begun to gradually and thoughtfully ease some visitation restrictions, and we are confident the market will benefit from the return of the Chinese consumer as we move through the back half of 2020."
The company had reported a profit in the same period a year earlier.
The results fell short of Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of $4.89 per share.
The casino operator posted revenue of $85.7 million in the period, also falling short of Street forecasts. Five analysts surveyed by Zacks expected $303.4 million.
Wynn shares have fallen 48% since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 2%. In the final minutes of trading on Tuesday, shares hit $72.75, a decrease of 35% in the last 12 months.
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Wynn Resorts, alongside major competitors such as MGM Resorts and Encore, temporarily shuttered operations in mid-March to limit the spread of the virus, essentially causing the Las Vegas Strip to go dark and hurting the state's economy.
Wynn Resorts guaranteed pay to tens of thousands of workers through May 15, which costs the company approximately $3 million per day or $180 million for two months, Maddox said.
The Associated Press contributed to this report.
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