Officials within Wynn Resorts are busy working to come up with new ways to safely attract guests to their major casino-resorts. This week, the company found some time to look back at the year’s second-quarter revenue earnings, and things are about as bleak as most would predict. Today, we’re going to take a look at how much revenue Wynn Resorts managed to bring in during the months of April, May, and June.
Wynn Resorts is far from being the only casino company to see its earnings drop. The year’s second quarter was the worst recorded in history for the US gambling industry. Fortunately, things seem to be slowly improving.
Let’s take a look at the numbers!
US Casino Companies Continue to Struggle Enforcing Health Regulations
Most states around the country have begun allowing their casinos to start operating again. Some of these states have been more successful than others. All of the casino companies around the United States face the same issue; protecting public health while trying to draw in players.
This is proving to be extremely difficult. Casinos draw in large numbers of people into a very small area. Obviously, these properties are easy places for the new coronavirus to spread. That’s true even with the safety measures being set in place.
All land-based casinos are trying to prevent gatherings. Slot machines are separated. Plexiglass barriers have been installed at table games. In many cases, eating, drinking, and smoking are completely banned inside casinos, as well.
Not every company is finding success implementing these new measures. Recently, the Nevada Gaming Control Board filed a complaint against the Sahara Las Vegas. The regulatory group claims this hotel-casino held a luncheon of more than 100 people and failed to limit large gatherings on its casino floor.
More of these complaints are likely to come up over the next few weeks. Casino companies are struggling to abide by the rules while staying profitable. It’s been difficult to see how much money some of the country’s top casinos have lost over the past six months.
This week, reports surfaced that show how much money Wynn Resorts has lost this year.
Reports Show How Much Revenue Wynn Resorts Lost Last Quarter
Starting in June, most of the top US commercial casinos began operating again. It was a much-needed change for the industry. Casinos around the country had been closed since March and revenue during this time was almost non-existent.
Not long ago, Las Vegas Sands released a report that shows it saw a nearly 97% drop in revenue during 2020’s second quarter. Officials within the company made it clear that they were hurting. The company’s revenue earnings have likely begun to increase since that time.
We’re now seeing a drop in the revenue Wynn Resorts earned during the year’s second quarter. This company is one of the biggest casino operators in the nation, yet it saw its revenue drop by 95% over the months of April, May, and June.
During this time, Wynn Resorts earned just $85.7 million. That’s a staggering drop from the $1.66 billion made over the same three months in 2019. CEO Matt Maddox claims the company is in a tough situation, yet it’s one that it will recover from.
“There will be winners and losers that come out of this,” he said. “When this is over, and we come out, we want to make sure that we have the capital available to grow, and we have the culture in place to take care of our people and our customers.”
It’s incredible to see how much revenue Wynn Resorts has lost over the course of a few months. It’s important to note, however, that the company’s casinos were shut down for most of 2020’s second quarter.
How will things look in quarter three?
Casino Revenue is Fluctuating Around the Country
Back in 2019, the US casino industry seemed stronger than ever before. Gambling markets around the country were thriving. That’s particularly true in states with legalized sports betting options such as New Jersey and Nevada.
2020 tells a different story. Most casinos are now open, yet many are unwilling to visit one of these gambling venues over safety concerns. Casino revenue is now fluctuating and even the top gaming analysts cannot say when we’ll see a sense of normalcy resume.
Everyone knows that 2020’s third quarter will be better than its second, though. Over the past two months, states have begun lifting their restrictions towards casinos.
In June, Nevada saw its casinos earn $566.8 million. That’s a 45.5% decrease when compared to the same time last year. Many still feel that it’s a win for the state, especially considering how little money was earned in the months prior.
It seems likely that more money was earned in July. We’re likely to see how much revenue Wynn Resorts made within the next two weeks. Stay tuned for updates!
Are you surprised to see how much money casino companies lost last quarter? When do you expect this trend to change? Let us know in the comments section below!