Most of Wynn Resorts’ Revenue is Coming From Las Vegas

Wynn Resorts Las Vegas

Wynn Resorts remains one of the biggest casino companies in the world. Unfortunately, this company has been seeing massive drops in revenue for almost all of 2020. New reports indicate the majority of Wynn Resorts’ revenue is coming from hotels in Las Vegas.

This is slightly surprising news to hear. Las Vegas has been facing major dips in tourism and gaming revenue this year. It still seems to be bringing in casino companies money, though.

Let’s take a look at the recent revenue reports for Wynn Resorts!

Tourism Rates in Las Vegas Are Beginning to Slow Down

The city of Las Vegas is known for its world-class casinos, incredible entertainment, and wild nightlife. Prior to 2020, this city was seeing tens of millions of tourists every year. Everything seemed to be going perfectly here.

This past March, the city was changed forever. In a move that previously seemed impossible, all of the casinos in Las Vegas were forced to shut down. The tourism industry came to a screeching halt, affecting a huge portion of the city’s workforce.

Tourism rates have begun to increase here over the past few months. These rates are still far lower than what was seen in 2019. A report in September claimed tourism was down by 55% when compared to last year.

Analysts now have a grim prediction for the winter months. Some feel that the rising cases of Covid-19 will end up severely cutting down on the city’s tourism industry. This is taking a toll on the casino-resorts here. Many have recently begun cutting down on their operating hours.

Park MGM and Encore Las Vegas have both seen their opening hours lessened. This is likely to take place with other casinos, as well. It’s an extremely difficult time for the companies that rely on tourism and gamblers.

New reports claim that Las Vegas is still playing a huge role in supporting major casino companies.

Las Vegas is Providing 50% of Wynn Resorts’ Revenue

No one can accurately say when things in Las Vegas will return to normal. Travel is decreasing around the country once again and less people are willing to visit major casino destinations. Most feel it will be months, if not years before a major uptick in tourism is seen here once again.

It’s clear that this city is still hugely important for major casino companies. This week, reports on Wynn Resorts’ revenue for the year’s third quarter finally came together. The company’s operating revenue from hotel-casinos in Las Vegas came to $187.6 million, down considerably from the $399.5 million earned in the same quarter in 2019.

“Encore at Wynn Las Vegas adjusted its operating schedule to five days/four nights each week due to currently reduced customer demand levels. We are currently unable to determine when certain of these measures will be lifted,” an official company statement said. 

The reports show that the company’s operations in Las Vegas are proving about 50% of all revenue. With hotels in Macau still struggling, this city remains the most profitable destination for Wynn Resorts.

CEO Matt Maddox gave an optimistic statement about the city. He claims things are improving in different regions and expects the fourth-quarter earnings to improve. It will be interesting to see whether or not this statement ends up being true.

Overall, Wynn Resorts’ revenue earnings came to $370.45 million last quarter. It’s less than many analysts predicted, yet it remains more than some of the company’s competitors. Hope is that the casino industries in other states and countries will improve by mid-2021.

How Are Other Casino Companies Faring Right Now?

No one is surprised to see that Wynn Resorts has seen another drop in quarterly revenue earnings. This is a trend that all major casino companies are experiencing right now. Some companies are being hit harder than others.

Las Vegas Sands remains one of the world’s largest gaming companies. 2020 could be the year this company makes a major change, though. Reports recently surfaced that claim LVS is now interested in selling several of its biggest US properties.

Caesars Entertainment is taking a different approach. Instead of selling, this company has been focused on acquiring other gambling operators this year. Not long ago, Caesars purchased sports betting company William Hill for $3.7 billion.

Red Rock Resorts has been suffering considerably with the regulations and drop in tourism. Most of the company’s casinos are now open again. Unfortunately, several are expected to be closed permanently.

It’s an unprecedented time for the US casino industry. It’s not unreasonable to assume things will never truly return to normal for casino companies. We’ll continue offering revenue updates over the next few months!

Are you surprised to see Wynn Resorts’ revenue earnings fall? Do you expect things to improve in 2020’s fourth quarter? Let us know in the comments section below!

Matt Maddox Comments on the Reopening of Las Vegas

We’re nearly three weeks into April and Las Vegas remains shut down. Gambling analysts are still trying to predict when Nevada’s casinos will be given permission to open again. This weekend, Wynn Resorts CEO Matt Maddox released a statement asking for the reopening of Las Vegas.CEO Matt Maddox

Wynn Resorts is one of many casino companies that’s suffering due to this casino shutdown. Unfortunately, it may be some time before any gambling venues open their doors here again. Today, we’re going to look at what exactly Matt Maddox wants to see happen.

Let’s get into it!

Governor Steve Sisolak Extends Casino Closures

Back in early March, officials within Las Vegas began to discuss the possibility of shutting down the city. The new coronavirus had begun to spread in Clark County and many experts feared that casinos were the perfect venues for further infections. Eventually, news broke that all of the city’s casinos were closing to the public.

This wasn’t an easy decision to make. Las Vegas, as most are well-aware of, relies heavily on its gambling and tourism industries. Forcing casinos to shut down has ended up costing many companies millions of dollars every single day.

One of the main issues is that no one knows when this lockdown will end. Governor Sisolak claims he will not bend to the request of Las Vegas officials. This past week, he decided to extend the casino shutdown.

The Mayor of Las Vegas has already voiced her disapproval with this strategy. She claims many businesses will be unable to survive under the current situation. Sisolak isn’t budging and told the media these measures need to be taken in order to save lives.

Casino companies in Las Vegas are getting restless. This includes Wynn Resorts, one of the first companies to voluntarily close down last month. Here’s what the CEO of Wynn Resorts is now asking for.

CEO of Wynn Resorts Calls for the Reopening of Las Vegas

It seems like everyone has an opinion on how to handle this virus outbreak. Some feel that states need to remain locked down to prevent the healthcare system from becoming overwhelmed. Others think it’s time to lift restrictions in order to get the economy back up and running.

The land-based casino industry is one of the hardest-hit during this pandemic. All casinos across the country are currently shut down. Now, some of the biggest casino operators feel that something needs to change.

Matt Maddox released an opinion piece to the Nevada Independent this week. The CEO offered his own plans to allow casino-resorts in Las Vegas to start operating again.

“Begin with reduced occupancy, physical distancing measures in place, temperature checks and no large gatherings,” he said. “We all need to wear a mask.”

That’s easier said than done. No one can accurately say how a casino would operate with physical distancing measures in place. Some have claimed that slots would be further spaced apart and tables would reduce their number of seats.

It’s an extremely difficult situation. Governor Sisolak has extended the casino shutdown for a couple more weeks. We’ll need to see whether or not he listens to Maddox’s plans for the reopening of Las Vegas.

Masks Present Security Concerns for Las Vegas Casinos

When the coronavirus first began spreading around the United States, health officials dismissed the efficacy of traditional face masks. Many were quick to point out that these masks would not prevent individuals from becoming infected. Things have now taken a complete 180.

In many parts of the country, masks are now required when in public. Health experts now claim these help to prevent those who may already be infected from spreading the virus to others.

Matt Maddox believes that masks will be an important part of reopening Las Vegas. He’s suggested that all dealers wear these masks inside casinos. Some feel this will make security inside Las Vegas casinos very difficult to manage.

Casinos are known to rely on facial recognition technology. This helps to catch cheaters and spot individuals who have been banned from gambling in the past. Masks will make this technology virtually useless.

There’s also the fear of traditional robberies. Those wearing masks will be difficult to identify. It’s likely that casino officials are already looking at new ways to get around these possible issues. Governor Sisolak is likely to address these concerns, as well.

Reopening Las Vegas won’t be easy. It may be a long time before things truly get back to normal here. In the meantime, casino officials are presenting ideas on how to get the city up and running again in the best possible way.

Stay tuned for more Las Vegas casino news over the next few weeks!

CEO Matt Maddox Will Stay With Wynn Resorts Through 2022

Back in 2018, Steve Wynn officially stepped down as CEO of Wynn Resorts. Since that time, the company has been dealing with accusations of Wynn’s sexual misconduct. CEO Matt Maddox has been doing a great job running the company and will continue his leadership role for the next couple of years.

Matt Maddox

Company officials are happy with the direction that Maddox is taking Wynn Resorts. He’s been able to facilitate some major deals as CEO. Today, we’re going to look at what Maddox has done for the company. We’ll also talk about some of Wynn’s plans for the future.

Let’s get into it!

Steve Wynn is Still Having an Impact on Wynn Resorts

For the past few decades, Steve Wynn was thought to be one of the most powerful men in the gambling industry. He served as CEO of Mirage Resorts from 1973 to 2000. In 2002, he officially founded Wynn Resorts and took over as CEO of that company, which he ran from 2002 to 2018.

Between that time, Wynn opened up several major casino-resorts all over the world. He expanded around Las Vegas. In 2010 and 2011, Wynn Resorts opened two major properties in Macau, as well. They are said to be some of the best casino-resorts in the territory.

Unfortunately, Steve Wynn is now involved in several sexual misconduct cases. Over the past few months, several women have come out with claims that Mr. Wynn abused his power. It was a PR disaster for Wynn Resorts, which immediately asked Wynn to step down from his position.

In February of 2018, Wynn officially left Wynn Resorts. A few months later, he sold his stock in the company. Since this time, he’s stayed out of the public spotlight.

His actions have taken a toll on Wynn Resorts. The company has been involved in various lawsuits over the past few months. Not long ago, the company won a lawsuit with Steve Wynn and he’s now ordered to pay the company $20 million.

CEO Matt Maddox now runs Wynn Resorts. This week, his leadership role was extended.

Wynn Resorts Extends Timeline for CEO Matt Maddox

Prior to Steve Wynn’s departure, there was a debate over who would take over as CEO. Eventually, the company chose Matt Maddox to take over. He’d served as president of the company since 2013 and was the most logical choice.

Most agree that CEO Matt Maddox is one of the best additions to the company in years. Since stepping into the new position, he oversaw the opening of the Encore Boston Harbor, helped to end a six-year lawsuit with Universal Entertainment, and made significant changes to the company’s board.

Initially, Maddox was expected to remain CEO until February of 2021. This week, the company decided to extend this timeline until December of 2022.

Harry Curtis, a gaming analyst with Instinet, spoke with the Las Vegas Review-Journal about why CEO Matt Maddox will retain his position for a little longer.

“If you look at what he had done to steady the ship, they have been the right decisions,” he said. “He has been a very good protector of the value embedded in the company.”

Maddox has to be happy with the news. Hopefully, he can continue to help improve the company over the next few years.

Wynn Resorts’ Stock Prices Surge This Week

Macau hasn’t been a profitable market for most US casino operators this year. Several factors have led to major revenue losses in this territory. A rise in competition around Asia and the China-US trade war has taken a toll on the number of gamblers here.

Today, many US casino operators run casino-resorts in Macau. For almost all of 2019, these companies have lost money in this territory.

This week, the People’s Bank of China, which is based in Mainland China, raised the remittance limit on individuals’ transfer of money from Macau to the Mainland. Essentially, this means that visitors from the Mainland are able to gamble more in the city.

This immediately had an impact on several companies’ stock prices. Wynn Resorts’ stock rose by 1% after the news broke. Las Vegas Sands saw an increase of 2%.

It’s fantastic news for the casino companies with operations in Macau. Perhaps CEO Matt Maddox will begin investing even more money into this territory.

Stay tuned for more US casino news over the next few months!