Those revenue losses are up significantly from the previous year ($95.4 million), which has led to sluggish tourism across China, with the country’s zero-COVID policy stagnating annual tourist numbers.
Wynn Resorts 3Q22 financial results released on Thursday, November 10, 2022 showed that Wynn Macau and Wynn Palace lost 62,9% annually, and 14% sequentially, or $115.6 million. Gross Gaming Revenue (GGR) is down 8% from 2019.
Located on the half-island of Macau, Win Macau saw a significant drop in annual gaming and non-gaming sales of 69,1% to $40.4 million, while EBIDTA posted a total loss of $43.8 million.
Win Palace, on the other hand, saw a significant drop in gaming and non-gaming revenue of 58,5%, or $75,2 million, with an EBIDTA combined loss of $185.3 million, equating to a loss in Q2 2022.
Craig Billings, CEO of Wynn Resorts, said: “While COVID-related travel restrictions have consistently negatively impacted our results in Macau, we are pleased to have experienced an encouraging demand pocket during our recent October holiday.
“We are confident that over time, the market will benefit from the return of visits.” 온라인경마
