{"id":272,"date":"2024-06-28T03:37:10","date_gmt":"2024-06-28T00:37:10","guid":{"rendered":"https:\/\/luckycreek100nodepositbonus2024.icu\/2024\/06\/28\/wynn-resorts-market-shows-little-enthusiasm-for-q3-results-macau-operations-face-challenges\/"},"modified":"2024-06-28T03:37:10","modified_gmt":"2024-06-28T00:37:10","slug":"wynn-resorts-market-shows-little-enthusiasm-for-q3-results-macau-operations-face-challenges","status":"publish","type":"post","link":"https:\/\/luckycreek100nodepositbonus2024.icu\/2024\/06\/28\/wynn-resorts-market-shows-little-enthusiasm-for-q3-results-macau-operations-face-challenges\/","title":{"rendered":"Wynn Resorts: Market Shows Little Enthusiasm for Q3 Results, Macau Operations Face Challenges"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/diY8huZImlc\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Wynn Resorts: Market Shows Little Enthusiasm for Q3 Results, Macau Operations Face Challenges<\/p>\n<p>The casino operator&#8217;s stock dipped 3.9% in after-hours trading, dropping from $69.03 per share (\u00a360.64\/$69.27) to $66.35, as Macau&#8217;s &#8220;zero-COVID&#8221; strategy continues to negatively affect profits.<\/p>\n<p>Home > Casinos &#038; Gaming > Market Shows Little Enthusiasm for Wynn&#8217;s Q3 Results, Macau Operations Face Challenges<\/p>\n<p>The market responded with little excitement to Wynn&#8217;s third-quarter financial results, with Macau operations continuing to encounter difficulties. Revenue for the three months ending September 30 declined 10.5% to $889.7 million from $994.6 million.<\/p>\n<p>The company reported a net loss of $142.9 million, or $1.27 per share, for the period. This represents a 14% year-over-year decrease compared to $166.2 million in the third quarter of 2021. However, on a sequential basis, the loss climbed 9.8% from $130.1 million.<\/p>\n<p>The company&#8217;s key metric, adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), rose 12.2% to $173.5 million from $154.6 million, indicating the long-term strength of the company&#8217;s assets.<\/p>\n<p>Macau Operations Face Challenges<br \/>\nThe primary reason for Wynn&#8217;s net loss was the ongoing poor performance of the company&#8217;s properties in Macau, where Wynn is one of six concessionaires. 2022 has been a challenging year for the global gambling center, with COVID-related restrictions continuing. A lockdown in the summer led to the Special Administrative Region experiencing its worst month ever in July, with revenue falling 95% year-on-year to $49.2 million. <\/p>\n<p>Despite the ongoing impact of COVID-19 travel restrictions on our operations in Macau, we are pleased to observe an uptick in visitor numbers during the recent October holidays,&#8221; remarked Wynn&#8217;s CEO, Craig Billings. &#8220;We are confident that as travel resumes, the market will improve.&#8221;<\/p>\n<p>The number of visitors from overseas and mainland China has significantly decreased due to stricter visa regulations and concerns surrounding COVID-19 protocols. Although some provinces relaxed e-visa and group visa requirements earlier this month, the closure of MGM Resorts&#8217; MGM Cotai property underscores the industry&#8217;s ongoing uncertainty in the city. The new visa policies include a built-in &#8220;circuit breaker&#8221; mechanism, allowing for their suspension in the event of another outbreak.<\/p>\n<p>&#8220;We are truly impressed with the Macau government&#8217;s response to the recent outbreak,&#8221; stated Wynn President Ian Coughlan. &#8220;During a summer outbreak, we closed the casino, and it took six weeks to return to normalcy.<\/p>\n<p>&#8220;This time, the government addressed the situation within just two weeks. As a consequence, we are witnessing increased hotel occupancy this weekend. We are recovering from the recent outbreak, and I anticipate a rise in e-visa approvals in the coming weeks, followed by a substantial increase in visitor arrivals in the subsequent months.&#8221;<\/p>\n<p>American Strength <\/p>\n<p>Nevertheless, at least a portion of the Asian business challenges have been counterbalanced by Wynn&#8217;s sustained robust performance in the United States.<\/p>\n<p>&#8220;Our groups at Wynn Las Vegas and Encore Boston Harbor established new third-quarter benchmarks for adjusted property earnings before interest, taxes, depreciation, and amortization at our North American combined properties,&#8221; Billings stated.<\/p>\n<p>&#8220;Their dedication to top-notch service, combined with our market-leading facilities, continues to elevate our resorts above the competition, making them the preferred destination for high-end travelers in Las Vegas and Massachusetts.&#8221;<\/p>\n<p>The company&#8217;s core strength in that market prompted Billings to assert that new investor Tilman Fertitta acquired shares when they were undervalued.<\/p>\n<p>&#8220;Well, I believe I can state that it&#8217;s been advantageous for him, as he&#8217;s prospered, because he appears to have begun purchasing when the stock was underpriced in the second quarter. Actually, around the time we were repurchasing some shares in our second-quarter report,&#8221; Billings added.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p class=\"text-justify mb-2\" >Wynn Resorts: Market Shows Little Enthusiasm for Q3 Results, Macau Operations Face Challenges The casino operator&#8217;s stock dipped 3.9% in after-hours trading, dropping from $69.03 per share (\u00a360.64\/$69.27) to $66.35, as Macau&#8217;s &#8220;zero-COVID&#8221; strategy continues to negatively affect profits. 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