Amid a downbeat set of Q3 trading results which saw a 77% fall in operating revenues, casino operator Wynn Resorts has outlined ambitions for its Wynn Interactive sports betting and igaming division, formed last month via a merger with strategic partner BetBull.

In an update to investors, CEO Matt Maddox advised that on the development front, the firm has made substantial progress advancing Wynn Interactive. He said: “During the third quarter, we launched online sports and casino offerings in New Jersey to an encouraging initial customer response. 

Beyond New Jersey, we have secured market access in numerous other states, and are in the process of applying for licenses on a standalone basis in Tennessee and Virginia. We are also in discussions with potential partners regarding additional access agreements in other jurisdictions. Our nationally-recognized brand and unique product-led strategy position us well to generate our fair share of this important, fast-growing business over the coming years.”

Turning to the Q3 trading performance, Wynn reported operating revenues of $370.5m, down 77.5% or $1.28bn, from $1.65bn year-on-year. Net loss was $758.1m, versus a net loss of $3.5m in Q3 2019. 

That net loss, added the company, reflects a provision for income taxes of $407.4m, primarily related to an increase in the valuation allowance against deferred tax assets no longer expected to be realized. Adjusted property EBITDA, meanwhile, was $(65.9)m for the third quarter of 2020, compared to adjusted property EBITDA of $396.9m in the third quarter of 2019.

“We are encouraged by the progress we have made in each of our properties over the past several months, despite the ongoing impact of the virus and related operating limitations,” said Maddox.

“Encore Boston Harbor delivered record quarterly EBITDA during the third quarter, while Wynn Las Vegas continued to experience strong leisure demand on weekends with solid hotel occupancy and casino play. In Macau, visitation restrictions have begun to gradually and thoughtfully ease, allowing us to achieve EBITDA break-even in October. We are confident that Macau will continue to benefit from the return of consumer demand as we head into 2021.”