The Q2 Revenue Reports for Wynn Resorts Are Out

Wynn Resorts

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!

Atlantic City’s Casino Revenue Dropped by 85% in 2020’s Q2

Like all other major casino destinations, Atlantic City took a major hit over the months of April, May, and June. It was the only three months that casinos here were forced to shut down since the first one opened back in 1978. This week, reports were released that show exactly how much Atlantic City’s casino revenue fell during 2020’s second quarter.Sky View Of Atlantic City

Obviously, casinos in this city saw their earnings plummet. Things have improved since that time, however, and quarter three of this year is expected to be considerably better.

Let’s take a look at how this city’s casino industry fared over the past few months.

Casinos in New Jersey Continue Working to Draw Visitors

New Jersey was one of the first states to take a major hit due to the coronavirus now spreading around the world. Infection rates began to surge here and Governor Phil Murphy eventually ordered all casinos around the state to close down. It was unclear how long this shutdown would last for.

As time went on, Atlantic City started to suffer more and more. A huge number of people in this city rely on casinos for employment. Many local businesses also rely on the tourism that casinos generate to function.

After months of back and forth, state leaders agreed to allow casinos to reopen over the Fourth of July weekend. Several of the top casino-resorts here immediately opened their doors when allowed to. Others took their time to assure things would run as smoothly as possible.

The Borgata Hotel-Casino, Atlantic City’s biggest revenue-generator, opened its doors at the end of July. All casinos in this city are now focused on boosting rates of tourism. This has become much easier said than done.

Many residents of New Jersey and nearby states are unwilling to make the trip to a casino amid the pandemic. Things are still not completely safe inside these gaming venues, even with the safety measures set in place. As a result, revenue here remains considerably lower than it was in 2019.

Things are far better now than they were over April, May, and June, though.

Looking Back Atlantic City’s Casino Revenue During This Year’s Second Quarter

It’s now safe to say that the second quarter of 2020 was the worst in history for the US land-based casino industry. In some states, casinos were shut down for all three months. Some allowed their gaming venues to open at the end of the quarter.

New Jersey is in the latter category. It wasn’t until July that casinos were allowed to reopen, meaning land-based casino revenue was non-existent during this time. This week, the New Jersey Division of Gaming Enforcement released its quarterly revenue report.

During 2020’s second quarter, Atlantic City’s casino revenue fell by an astounding 85%. Casinos here brought in a net revenue of just $121 million during this time. That’s down from the $796.8 million brought in during the same time last year.

Casino Control Commission Chairman James Plousis claims it’s impossible to even compare this year’s earnings to 2019 due to the pandemic.

“It is also noteworthy that, during this period, the casinos undertook an amazing effort and expense to prepare a safe environment for the return of employees and guests,” Plousis said. “That critical investment enabled the casinos to begin welcoming back visitors with appropriate limits in July, and started Atlantic City on the road to recovery.”

He’s certainly right about the massive effort it took to get casinos here operational again. Even today, casinos in this city are working to improve safety measures for patrons and employees. Most of these casinos are also putting special attention on their online gambling operations, too.

Online Gambling Is More Popular Now Than Ever Before in New Jersey

The world’s gambling industry is changing day-by-day. Prior to March, land-based casino revenue was surging and exciting new casino-resorts were being built around the US. Nowadays, online casinos seem to be the most popular option for most gambling fans.

More people see how convenient and easy online casinos make gambling. As of now, New Jersey is one of the few states with a regulated internet casino industry. This regulation is paying off massively, helping casinos companies to stay afloat while bringing the state valuable revenue.

Not long ago, the American Gaming Association released a report showing how much online gaming revenue has grown in 2020. In regulated markets, revenue from these online gambling options has increased by 80%. This may continue to increase, despite many land-based casinos now open around the country.

Other states are taking notice. Several lawmakers have begun presenting bills to legalize and regulate their online casino and sports betting industries. Several prominent analysts expect a surge of new online gambling regulations to begin appearing around the country.

Fortunately, Atlantic City’s casino revenue is beginning to increase with casinos now reopened. That’s great news for residents and employees in the area. Make sure to stay tuned for updates on the casino earnings here over the next few months.

Do you plan on visiting Atlantic City anytime soon? Let us know in the comments section below!