Wynn Macau posts worst quarter on record, choked by coronavirus pandemic and rotten luck at VIP tables

Wynn Macau posts US$351.6 million loss in second quarter as travel bans, health screening deterred gamblers from entering city

Group reported rotten luck at VIP gaming tables with negative winning rates at two casino properties

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Pedestrians crossing a road outside the Wynn Macau resort. The concessionaire recorded its worst quarterly results in the quarter to June 30, 2020 as the coronavirus chokes the industry. Photo: Bloomberg

Published: 5:00pm, 5 Aug 2020Updated: 9:58pm, 5 Aug 2020

Wynn Macau, one of the six concessionaires in the world’s biggest gambling hub, posted its worst quarterly performance on record as the coronavirus pandemic choked the primary engine of the local economy.

The operator of Wynn Palace and Wynn Macau casinos recorded a net loss of US$351.6 million in the three months through June 30, versus a US$168.6 million profit a year earlier, it said in an exchange filing on Wednesday. Revenue slumped 98 per cent to US$20.6 million.

The setback is unmatched since the casino operator went public in Hong Kong in October 2009, according to data compiled by Bloomberg, showing how the industry is struggling to rebound from travel restrictions that kept high rollers away from Macau.

The group’s casino operations have since been fully restored. However, certain public health safeguards such as health screening, quarantines, and Covid-19 test requirements, remain in effect at the present time, the company said. “We are currently unable to determine when these measures will be lifted.”

The city government ordered gambling venues to shut for 15 days in February to contain the virus. Efforts are being made to ease movements between Macau and mainland China, whose gamblers are sought after at the city’s betting tables.