Wynn Resorts has been one of the most successful gaming companies in the United States for many years. Unfortunately, this company continues to struggle from the lingering effects of the pandemic. Today, we’ll take a close look at the Q2 revenue reports for Wynn Resorts.
As many expected, these reports show a slight loss for Wynn. The company doesn’t seem overly-discouraged about the future, though.
Here’s what you need to know!
Las Vegas Casinos Brace for an Uncertain Fall
The US casino industry has been in an unusual position for the past year. Through most of 2020, all major US casinos were seeing massive drops in their monthly revenue figures. Things have been steadily improving in 2021, yet some worry this could be short-lived.
That is largely due to the spread of the new delta variant around the country. With this uptick in cases, health officials are recommending a new wave of restrictions. That is already the case over in the country’s gambling hub, Las Vegas.
Not long ago, city officials once again set a mask mandate in Las Vegas. All guests and employees now need to wear masks while on the casino floor. It’s not a major regulation and should not have a major impact on the city’s tourism rates.
US casino companies remain in uncharted waters, though. No one seems to know what will come about over the next few months. If more intense regulations are ordered in major casino hubs, it could end up taking a serious toll on the country’s gaming industry.
The casinos in Las Vegas are preparing for the possibility of a dull fall. Infection rates continue to climb and recommendations against travel may soon be announced. That is the worst-case scenario, of course, and there is always the chance that tourism rates continue to increase in Las Vegas as the year goes on.
We’re now beginning to hear how various casino companies performed in 2021’s second quarter. Here’s a quick look at Wynn Resorts’ revenue reports for this time period!
Breaking Down the Q2 Revenue Reports for Wynn Resorts
The United States is home to some of the most powerful gambling companies in the world. That includes Wynn Resorts, which owns and operates popular casino-resorts in places like Las Vegas and Macau. Like all other casino operators, Wynn Resorts experienced a major drop-off in gaming revenue throughout 2020.
It seems that not everything is going smoothly in 2021, either. This week, the quarter-two revenue resorts for Wynn Resorts officially came out. Some are a little surprised to see how exactly this company fared over the months of April, May, and June.
Overall, Wynn Resorts reported $990.1 million in operating revenue over 2021’s Q2. That represents a staggering increase from the $85.7 million earned over the same quarter in 2020. The company’s net loss came out to $131.4 million. Matt Maddox, CEO of Wynn Resorts, gave an optimistic take on these reports in an official statement this week.
“We were pleased to see the strong return of our guests at both Wynn Las Vegas and Encore Boston Harbor during the second quarter with adjusted property EBITDA at our US operations well above pre-pandemic levels, highlighting the significant pent-up demand for travel and leisure experiences,” he said. “While there have been some fits and starts along the road to recovery in Macau, we were encouraged by the strong demand we experienced during the May holiday period, particularly in our premium mass casino and luxury retail segments.”
When factoring in operating costs, Wynn Resorts saw a drop in revenue over 2021’s Q2. It’s still a major improvement from the second quarter of 2020. Hope is that the year’s third quarter ends up bringing considerably more revenue to the casino companies here.
All major US casino companies are working to boost their revenue figures. Here’s a look at some of the progress being made in various areas of the country.
Here’s What is Going on With Other US Casino Companies
Wynn Resorts is far from the only US casino operator dealing with issues right now. The entire gambling industry has been suffering over the past two years. Depending on how things play out over the next few months, this situation could get considerably better or worse.
All of the country’s gaming companies are now doing what they can to boost their revenue figures. Some are finding more success than others. The recent revenue reports for Wynn Resorts show this company is making improvements, yet still has room to grow.
Las Vegas Sands has been in the spotlight lately. As many know, the company’s founder Sheldon Adelson passed away last year at one of the worst points in the company’s history. News then broke that LVS was selling several of its biggest properties in the city of Las Vegas.
Lately, Las Vegas Sands has been working hard to break into Texas. Casino gambling is currently prohibited in the state of Texas. LVS is working to change this by lobbying with various gambling companies to finally allow casinos.
MGM Resorts is also staying busy. Earlier this week, news broke that this company was selling its Encore Boston Harbor venue to Vici Properties. MGM will continue to operate this venue, however, and is leasing it back to Vici.
Are you surprised to see the revenue reports for Wynn Resorts? How do you think this company will fare in 2021’s third-quarter? Let us know in the comments section below!