Wynn Resorts Reports Q4 Revenue of $686m, Down 58.5% Y-O-Y

Wynn Resorts reported fourth-quarter 2020 revenue of $686m, a 58.5% year-on-year decline.

Revenue over the same quarter the year prior was $1.65bn.

The company had a net loss of $269.5m for the quarter, or $2.53 a share. Wynn had a loss of $72.9m, or $0.62 a share, over the same quarter in 2019.

Adjusted EBITDA for the fourth quarter was $69.8m, down from $443.1m in Q4 of 2019.

Wynn reported a net loss of $2.07bn for 2020, or $19.37 a share, compared to net income of $123m in 2019, or $1.15 a share.

Full-year adjusted EBITDA fell 118% to $(324.3)m, compared to $1.82bn in 2019.

Wynn CEO Matt Maddox nevertheless expressed optimism that demand for travel is growing. He pointed out that Wynn Resorts and Encore will see 50% occupancy for Super Bowl weekend, the most since October.

“In the US, our operations at both Wynn Las Vegas and Encore Boston Harbor were resilient as we continue to deliver our industry-leading service while remaining focused on costs,” said Maddox.

Maddox said Wynn has made important improvements to Wynn Interactive, its online gaming and sports betting business, of which the company maintains a 72% ownership.

“On the development front, our WynnBet online casino and sports betting app is currently available in three states following successful launches in Colorado and Michigan, with additional launches planned over the coming months. We believe our product will be increasingly compelling with each release over the coming months and look forward to growing the business in 2021.”

WynnBet has secured market access in Indiana, Iowa and Ohio and has received conditional licensing in Tennessee. Wynn has also applied for a sports betting license in Virginia.

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