{"id":242144,"date":"2022-11-09T19:29:38","date_gmt":"2022-11-10T01:29:38","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=242144"},"modified":"2022-11-10T14:45:53","modified_gmt":"2022-11-10T20:45:53","slug":"wynn-resorts-q3-results-were-plagued-by-macau-weakness","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-resorts-q3-results-were-plagued-by-macau-weakness\/","title":{"rendered":"Wynn Resorts Results Again Walloped By Macau"},"content":{"rendered":"

It\u2019s become a familiar refrain for casino operators with Macau exposure. That being that the Chinese territory is a drag on earnings, and Wynn Resorts (NASDAQ:WYNN) is no exception to that trend.<\/p>\n

\"Wynn
Wynn and Encore Las Vegas. The operator’s third-quarter results were plagued by Macau. (Image: Vegas Means Business<\/em>)<\/figcaption><\/figure>\n

Shares of the Wynn Macau parent traded slightly lower in Wednesday\u2019s after-hours session after the company reported a third-quarter loss of $1.20 a share on revenue of $888.7 million. Analysts expected a per share loss of $1.01 on sales of $867.42 million.<\/p>\n

In the September quarter, Wynn posted adjusted property earnings before interest, taxes, depreciation and amortization (EBITDA) of $173.5 million — a 12.3% year-over-year jump. However, Wynn Macau and Wynn Palace — the operator\u2019s two venues in the special administrative region (SAR) — shed $75.8 million in adjusted property EBITDA year-over-year. The third quarter included a nearly two-week closure<\/a> of Macau casinos due to an uptick in coronavirus cases.<\/p>\n

Our casino operations at Wynn Palace and Wynn Macau were closed for a 12-day period in July 2022, in response to an outbreak of COVID-19 in Macau,\u201d<\/strong> according to a statement issued by the company. \u201cThe results of operations of our Macau Operations for the third quarter of 2022 continued to be negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic.\u201d<\/strong><\/p><\/blockquote>\n

Wynn\u2019s Las Vegas integrated resorts and Encore Boston Harbor remained sources of strength for the operator during the July through September period.<\/p>\n

Viva Las Vegas (and Boston) for Wynn Resorts<\/h2>\n

While Macau continues being a thorn in the side of the six concessionaires, they were able to offset some of that turbulence in the Chinese territory<\/a> with strength on the Las Vegas Strip and in Boston.<\/p>\n

Wynn\u2019s Las Vegas operations notched a third-quarter adjusted property EBITDA increase of $12.3 million, while revenue at Encore Boston Harbor increased $19.6 million year-over-year.<\/strong><\/p>\n

\u201cOperating revenues from our Las Vegas Operations were $544.4 million for the third quarter of 2022, an increase of $68.4 million from $476.0 million for the third quarter of 2021,\u201d added the operator. \u201cAdjusted Property EBITDA from our Las Vegas Operations for the third quarter of 2022 was $195.8 million, compared to $183.4 million for the third quarter of 2021. Table games win percentage for the third quarter of 2022 was 20.7%, below the property’s expected range of 22% to 26% and below the 21.7% experienced in the third quarter of 2021.\u201d<\/p>\n

Wynn shares are down 19.71% year-to-date, but are higher by 14.49% over the past month — a move largely fostered by the news<\/a> that Tilman Fertitta\u2019s Fertitta Entertainment took a 6.1% stake in the casino giant.<\/p>\n

Wynn Interactive Improvements<\/h2>\n

Earlier this year, Wynn was rumored to be shopping its Wynn Interactive arm, which includes WynnBET<\/a>, at a steeply discounted multiple. Still, that transaction didn\u2019t materialize, and things are perking up at the digital gaming unit. Adjusted property EBITDA for that business surged by $85.3 million in the third quarter. WynnBET\u2019s cash burn rate slid 80% in the quarter.<\/p>\n

\n

Speaking of sports betting, Wynn CEO Craig Billings said on a conference call with analysts that the company \u201cremains excited\u201d about sports wagering in Massachusetts. However, that may start with retail, not mobile wagering. He expects sports betting to commence in the commonwealth early next year.<\/p>\n<\/div>\n

As of Sept. 30, Wynn had $1.94 billion in cash and $12.12 billion in debt.<\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s become a familiar refrain for casino operators with Macau exposure. That being that the Chinese territory is a drag on earnings, and Wynn Resorts (NASDAQ:WYNN) is no exception to that trend. Shares of the Wynn Macau parent traded slightly lower in Wednesday\u2019s after-hours session after the company reported a third-quarter loss of $1.20 a […]<\/p>\n","protected":false},"author":46,"featured_media":242145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10,81886],"tags":[81913,81903,23],"acf":[],"yoast_head":"\nWynn Resorts Q3 Results Were Plagued By Macau Weakness<\/title>\n<meta name=\"description\" content=\"Wynn Resorts was stung by Macau, but helped by Las Vegas, digital gaming in third quarter.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/wynn-resorts-q3-results-were-plagued-by-macau-weakness\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Resorts Q3 Results Were Plagued By Macau Weakness\" \/>\n<meta property=\"og:description\" content=\"Wynn Resorts was stung by Macau, but helped by Las Vegas, digital gaming in third quarter.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-resorts-q3-results-were-plagued-by-macau-weakness\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-10T01:29:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-10T20:45:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/wynn.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-q3-results-were-plagued-by-macau-weakness\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-resorts-q3-results-were-plagued-by-macau-weakness\/\",\"name\":\"Wynn Resorts Q3 Results Were Plagued By Macau Weakness\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-q3-results-were-plagued-by-macau-weakness\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-q3-results-were-plagued-by-macau-weakness\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/wynn.jpg\",\"datePublished\":\"2022-11-10T01:29:38+00:00\",\"dateModified\":\"2022-11-10T20:45:53+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn Resorts was stung by Macau, but helped by Las Vegas, digital gaming in third quarter.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-q3-results-were-plagued-by-macau-weakness\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-resorts-q3-results-were-plagued-by-macau-weakness\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-resorts-q3-results-were-plagued-by-macau-weakness\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/wynn.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/11\/wynn.jpg\",\"width\":1200,\"height\":675,\"caption\":\"Wynn and Encore Las Vegas. 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