Press release
Wynn Resorts, Limited Reports Third Quarter 2020 Results
LAS VEGAS--(BUSINESS WIRE)-- Wynn Resorts, Limited (NASDAQ: WYNN) (the "Company") today reported financial results for the quarter ended September 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 September 30, 2020.\n\nOperating revenues were $370.5 million for the third quarter of 2020, a decrease of 77.5%, or $1.28 billion, from $1.65 billion for the third quarter of 2019. Net loss attributable to Wynn Resorts, Limited was $758.1 million, or $7.10 per diluted share, for the third quarter of 2020, compared to net loss attributable to Wynn Resorts, Limited of $3.5 million, or $0.03 per diluted share, in the third quarter of 2019. Net loss attributable to Wynn Resorts, Limited for the third quarter of 2020 reflects a provision for income taxes of $407.4 million, primarily related to an increase in the valuation allowance against deferred tax assets no longer expected to be realized. Adjusted Property EBITDA (1) was $(65.9) million for the third quarter of 2020, compared to Adjusted Property EBITDA of $396.9 million in the third quarter of 2019.\n\n\"We are encouraged by the progress we have made in each of our properties over the past several months, despite the ongoing impact of the virus and related operating limitations,\" said Matt Maddox, CEO of Wynn Resorts, Limited. \"Encore Boston Harbor delivered record quarterly EBITDA during the third quarter, while Wynn Las Vegas continued to experience strong leisure demand on weekends with solid hotel occupancy and casino play. In Macau, visitation restrictions have begun to gradually and thoughtfully ease, allowing us to achieve EBITDA break-even in October. We are confident that Macau will continue to benefit from the return of consumer demand as we head into 2021.\n\n\"On the development front, we have made substantial progress advancing Wynn Interactive, our majority owned sports betting and online gaming subsidiary. During the third quarter, we launched online sports and casino offerings in New Jersey to an encouraging initial customer response. Beyond New Jersey, we have secured market access in numerous other states, and are in the process of applying for licenses on a standalone basis in Tennessee and Virginia. We are also in discussions with potential partners regarding additional access agreements in other jurisdictions. Our nationally-recognized brand and unique product-led strategy position us well to generate our fair share...