Press release
Wynn Resorts, Limited Reports Second Quarter 2020 Results
LAS VEGAS--(BUSINESS WIRE)-- Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended June 30, 2020.
About this update from Wynn Resorts, Limited
[{"type":"text","content":" LAS VEGAS--(BUSINESS WIRE)--\nWynn Resorts, Limited (NASDAQ: WYNN) (the \"Company\") today reported financial results for the quarter ended June 30, 2020.\n\n\nOperating revenues were $85.7 million for the second quarter of 2020, a decrease of 94.8%, or $1.57 billion, from $1.66 billion for the second quarter of 2019. Net loss attributable to Wynn Resorts, Limited was $637.6 million, or $5.97 per diluted share, for the second quarter of 2020, compared to net income attributable to Wynn Resorts, Limited of $94.6 million, or $0.88 per diluted share, in the second quarter of 2019. Net loss attributable to Wynn Resorts, Limited for the second quarter of 2020 excludes the impact of $75.7 million of expense related to our commitment to pay salary, tips and benefits continuation for all of our U.S. employees for the period from April 1 through May 15, 2020, which we accrued during the first quarter of 2020. Adjusted Property EBITDA (1) was $(322.9) million for the second quarter of 2020, compared to Adjusted Property EBITDA of $480.6 million in the second quarter of 2019.\n\n\n\"Our leadership team continues to work closely with our host communities, fellow industry leaders and world-class medical experts to implement and advance strategies to mitigate the impact of the virus on our team members, our guests and our broader communities,\" said Matt Maddox, CEO of Wynn Resorts, Limited. \"We are pleased to be up and running again in each of our markets. In early June, we reopened nearly our entire Wynn Las Vegas and Encore campus with an intense focus on cleanliness and safety. Similarly, in Boston, we reopened Encore Boston Harbor on July 12 to a positive reception as many of our customers currently prefer to stay close to home. In Macau, the authorities have begun to gradually and thoughtfully ease some visitation restrictions, and we are confident the market will benefit from the return of the Chinese consumer as we move through the back half of 2020.\"\n\n\nConsolidated Results\n\n\nOperating revenues were $85.7 million for the second quarter of 2020, a decrease of 94.8%, or $1.57 billion, from $1.66 billion for the second quarter of 2019. Operating revenues decreased $620.2 million, $534.6 million and $399.3 million at Wynn Palace, Wynn Macau and our Las Vegas Operations, respectively, from the second quarter of 2019.\n\n\nOn a U.S...