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 8th of July if the number of new coronavirus infections remains low.