Wynn Resorts encouraged by progress despite challenging Q4 financials

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Wynn Resorts has posted financial results for the fourth quarter and year ended December 31, 2020, reflecting challenging trading conditions arising from the ongoing pandemic.

Operating revenues in Q4 were $686m, down 58.5%, or $967.5m, from $1.65bn year-on-year. Net loss in the quarter was $269.5m, or $2.53 per diluted share, versus a net loss of $72.9m in Q4 2019. 

In its update, the firm noted that Q4 2019 results had included a net tax provision of $157.4m, primarily related to an increase in the valuation allowance on its deferred tax assets. Adjusted property EBITDA, meanwhile, was $69.8m in Q4 2020, compared to $443.1m year-on-year.

CEO Matt Maddox explained: “We are encouraged by the progress we have made at each of our properties over the past several months, as we continue along the road to recovery from the pandemic.

“In Macau, the gradual and thoughtful easing of visitation restrictions allowed us to return to adjusted property EBITDA profitability in the fourth quarter, with particular strength in our premium mass business. 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.

“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.”