One of the most successful Asian casino operators, the Wynn Macau Limited company has just recently warned its major investors that its expected April and May earnings will show a combined loss of around $126.1 million. According to the company’s officials, Wynn Macau Limited will record this major financial loss for April and May before amortization, depreciation, tax, and interest.

One report released by Inside Asian Gaming several days ago also stated that the Asian casino operator uses one of its latest official fillings to share more details about this expected deficit. In this official filling, the officials revealed that the deficit came as a result of the ongoing coronavirus pandemic and related measures and restrictions which have limited traveling from mainland China and Macau since February. According to this report, these travel restrictions could represent a massive diminution of over 157% on a yearly basis.

Details About Wynn Macau Limited

Wynn Macau Limited or Wynn Resorts Limited was founded eighteen years ago back in 2002. The company operates as the subsidiary of the American Wynn Resorts company which was founded by Kazuo Okada and Steve Wynn in state of the Nevada, Las Vegas. This publicly-traded company is one of the most successful operators of luxurious, high-end casinos and hotels. As of today, the company operates six properties including its most iconic Encore Las Vegas and Wynn Las Vegas venues.

When it comes to the company’s properties in Asian which are operated by Wynn Macau Limited, these include its flagship Wynn Macau which opened in 2006, Encore at Wynn Macau which opened ten years ago and Wynn Palace which opened in August of 2016. The Wynn Macau property is doubtlessly one of the most successful venues of this kind located in the Asian gambling capital of Macau.

This luxurious casino and hotel resort in the former Portuguese enclave features two towers that host oner one thousand hotel rooms and suites. There is also a massive 273,000 square feet casino floor alongside retail spaces, dining restaurants, a pool, saloon, and two spas. Back in 2009, the Wynn Macau property became one of just five hotels located in Asia with the Five-Star award by Forbes which speaks of its high-end offering.

Senior Note Offering at Wynn Palace Cotai and Wynn Macau

According to Inside Asian Gaming, the Wynn Macau Limited company’s anticipated loss for April and May 2020 compares with the $215 million profit that the company recorded in 2019 for the same period. The same source also explained that the revelation of this disappointing news came shortly after the operator proclaimed that its Wynn Macau and even more successful Wynn Palace Coati will provide a senior note offering in hopes of raising at least $991.3 million.

Owned and operated by the USA-based Wynn Resorts Limited, the Wynn Macau Limited company’s officials also predicted that the company’s operating revenues for the months of April and May will probably plummet by 97% on a yearly basis to hit only around $17 million while the company’s average daily deficit in earnings before amortization, depreciation, tax, and interest stands at around $2 million.

The company’s official filing also states that the company remains optimistic about its future as it focuses on its VIP guests that will be served once travel restrictions in the area are lifted. This could happen as soon as the 8^th of July if the number of new coronavirus infections remains low.

Wynn Macau stands as one of the most luxurious hotels and casinos in the world, but their recent results have given the owners some reasons for concern. With the third quarter of 2019 results in, the hotel that was opened back in 2006 has shown clear signs of decline. The hotel features over 1,000 hotel rooms and super luxurious suites which house many of Asia’s biggest high rollers.

Then, there is also a massive, 273,000 square feet casino floor in addition to dining areas, retail space, a pool, two spas and more. Then property features three different types of entertainment including stunning Performance Lake. As previously mentioned, the resort opened in 2006 while one year later, the first expansion was finished. This expansion saw an additional gaming space, more dining areas, and more retail shops.

Then, in 2009 the resorts become one of five resorts in Asia to receive the Five-Star award by Forbes which doubtlessly speaks greatly of its accommodation and other features. The company which owns the venue, Wynn Resorts Limited in 2010 opened Encore at Wynn Macau which is today fully integrated into Wynn Macau. Encore is an all-suite hotel which includes four hundred and ten suites, and forty-one Salon Suites.

Wynn Macau Third-Quarter Revenues Declined

As reported by several news outlets, the local subsidiary of the most prominent American hotel and casino operator saw disappointing third-quarter financial results which have shown that the venue’s gross gaming revenues declined by around 22.7% to hit around $1.07 billion mainly thanks to a great drop in the venue’s VIP turnover.

According to one report by the Asian Gaming news outlet, the company responsible for Wynn Palace Cotai and Wynn Macau casino resorts recorded a massive 26.4% decline in property earnings before amortization, depreciation, taxes, and interest in the three months which equals to around $301 million. When it comes to the company’s Wynn Macau casino and hotel resort, the venue’s third-quarter financial results have shown that the venue’s operating revenues had declined by around 18.2% to hit around $474 million.

The operator also detailed that the property’s third-quarter financial results have shown that the venue’s earnings before amortization, depreciation, taxes, and interest plummeted by around 24% which equals just $139 million. It was also reported that Wynn Macau Limited saw the property’s VIP turnover contract by around 42.5% to hit $8.02 billion.

On the other hand, the Inside Asian Gaming news outlet also reported that the Macau-based casino resort chalked up a great 11.5% rise in its third-quarter financial results of the mass-market drop to around $1.2 billion with a great win rate of 8.9% which equals to $272.5 in generated earnings. When it comes to slot games, the property saw handle grow by around 11.7% which equals $1 billion.

Tough Times for Wynn Palace Cotai as Well

The Wynn Resorts Limited’s other luxurious Macau-based property Wynn Palace Cotai is also facing some tough times. This one thousand and seven hundred-room hotels and resort casino experienced a massive 18.1% deterioration in its third-quarter operational gross gaming revenues which equals $598 million.

The property’s adjusted earnings before amortization, depreciation, taxes, and interest also plummeted by around 28.3% to hit only $162 million. This property also witnessed a massive 32.3% weakening of its overall VIP turnover which hit only $10 billion. The numbers generated speak of the property’s winning rate declining by 0.21% to hit just 3.40%.