{"id":135066,"date":"2020-05-06T14:16:17","date_gmt":"2020-05-06T21:16:17","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=135066"},"modified":"2020-05-06T16:48:13","modified_gmt":"2020-05-06T23:48:13","slug":"wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/","title":{"rendered":"Wynn Q1 Loss Wider Than Estimates, Revenue Tops Forecasts, Dividend ‘Temporarily’ Suspended"},"content":{"rendered":"

Hamstrung by closures stemming from the global coronavirus pandemic, Wynn Resorts (NASDAQ:WYNN) reported a first-quarter loss of $3.77 a share, as revenue plunged 42.3 percent to $953.7 million.<\/p>\n

\"Wynn
Wynn posted a Q1 loss due to the coronavirus and suspended its dividend. (Image: Associated Press)<\/figcaption><\/figure>\n

Analysts expected the Encore operator to lose $1.65 per share, but the top line figure beat Wall Street’s forecast by almost $54 million. Adjusted property earnings before interest, taxes, depreciation and amortization (EBITDA) was -$5.3 million, far below the consensus estimate of $206 million and well off the year earlier figure of $495 million.<\/p>\n

After dealing with a 15-day February closure of gaming properties in Macau <\/a>\u2013 Wynn’s most important market \u2013 the company temporarily shuttered its two Las Vegas Strip venues and Encore Boston Harbor in mid-March. Wynn Macau and Wynn Palace have since reopened. But the operator’s trio of US integrated resorts remain shuttered, meaning it lost more than 30 days worth of revenue in either the Macau or the US in the first three months of 2020.<\/p>\n

Our leadership team has been working side-by-side with our host communities, fellow industry leaders, and world-class medical experts to identify and implement strategies to mitigate the impact of the virus on our team members, our guests, and our broader communities,\u201d said CEO Matt Maddox in a statement.<\/p><\/blockquote>\n

The company said the EBITDA loss includes \u201cthe impact of $75.7 million of expense accrued during the quarter related to our commitment to pay salary, tips, and benefits continuation for all of our U.S. employees<\/a> for the period from April 1 through May 15, 2020.\u201d<\/p>\n

Maddox said he’s not sure how long the employee pay practice will last beyond May 15 if Wynn’s domestic integrated resorts remain closed<\/strong>.<\/p>\n

Macau Commentary<\/h2>\n

In the first quarter, Wynn Macau and Wynn Palace combined for $489 million of the company’s revenue, well below the 2019 levels. But Maddox sees \u201cextraordinary progress\u201d in the world’s largest gaming hub.<\/p>\n

\n

On a conference call with analysts and investors, the Wynn chief executive said Macau hasn’t had a new coronavirus case in weeks, and that officials there are working with their counterparts in Guangdong to make sure health checks are in order prior to relaxing restrictions impacting travel between the largest mainland province and the gaming center.<\/p>\n<\/div>\n

During the February Macau closure, Wynn was burning roughly $2.5 million daily, but Maddox noted that when the shutdown there ended late that month, the burn rate was trimmed to $800,000 per day<\/strong>.<\/p>\n

While Wynn believes its balance sheet is strong, CFO Craig Billings said on the call the company is temporarily suspending its dividend, joining a slew of rivals<\/a> in doing so, a move that will save $100 million per quarter.<\/p>\n

Familiar Refrain<\/h2>\n

Echoing a refrain heard from competing operators, Wynn said January and February were strong. Maddox said prior to the COVID-19 closures, Las Vegas revenue per available room (revpar) was up eight percent, and Encore Boston Harbor was on pace for record EBITDA.<\/p>\n

The chief executive said it’s unclear at the moment if a Sin City reopening will include both Wynn Las Vegas and Encore, or if it will be limited to just one of the properties<\/strong>.<\/p>\n

Gaming venues in Massachusetts are expected to remain closed until at least May 18. On the call, Wynn executives didn’t offer up a time frame for when its property there will reopen.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hamstrung by closures stemming from the global coronavirus pandemic, Wynn Resorts (NASDAQ:WYNN) reported a first-quarter loss of $3.77 a share, as revenue plunged 42.3 percent to $953.7 million. Analysts expected the Encore operator to lose $1.65 per share, but the top line figure beat Wall Street’s forecast by almost $54 million. Adjusted property earnings before […]<\/p>\n","protected":false},"author":46,"featured_media":135068,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nWynn Posted a Q1 Loss, Suspends Dividend Due to Coronavirus<\/title>\n<meta name=\"description\" content=\"Wynn Resorts reported a first-quarter loss due to COVID-19 and suspended its dividend, but CEO Matt Maddox sees progress being made in Macau.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Posted a Q1 Loss, Suspends Dividend Due to Coronavirus\" \/>\n<meta property=\"og:description\" content=\"Wynn Resorts reported a first-quarter loss due to COVID-19 and suspended its dividend, but CEO Matt Maddox sees progress being made in Macau.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2020-05-06T21:16:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-06T23:48:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/wynn2-scaled.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"2760\" \/>\n\t<meta property=\"og:image:height\" content=\"1823\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/\",\"name\":\"Wynn Posted a Q1 Loss, Suspends Dividend Due to Coronavirus\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/wynn2-scaled.jpeg\",\"datePublished\":\"2020-05-06T21:16:17+00:00\",\"dateModified\":\"2020-05-06T23:48:13+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn Resorts reported a first-quarter loss due to COVID-19 and suspended its dividend, but CEO Matt Maddox sees progress being made in Macau.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/wynn2-scaled.jpeg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/wynn2-scaled.jpeg\",\"width\":2760,\"height\":1823,\"caption\":\"Wynn posted a Q1 loss due to the coronavirus and suspended its dividend. (Image: Associated Press)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Financial\",\"item\":\"https:\/\/www.casino.org\/news\/financial\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Wynn Q1 Loss Wider Than Estimates, Revenue Tops Forecasts, Dividend ‘Temporarily’ Suspended\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.casino.org\/news\/#website\",\"url\":\"https:\/\/www.casino.org\/news\/\",\"name\":\"Casino.org\",\"description\":\"Latest Casino and Gaming News\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.casino.org\/news\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\",\"name\":\"Todd Shriber\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png\",\"caption\":\"Todd Shriber\"},\"description\":\"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.\",\"sameAs\":[\"https:\/\/muckrack.com\/todd-shriber\",\"https:\/\/www.linkedin.com\/in\/toddshriber\/\",\"https:\/\/x.com\/etfgodfather\"],\"url\":\"https:\/\/www.casino.org\/news\/author\/todd-shriber\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Wynn Posted a Q1 Loss, Suspends Dividend Due to Coronavirus","description":"Wynn Resorts reported a first-quarter loss due to COVID-19 and suspended its dividend, but CEO Matt Maddox sees progress being made in Macau.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/","og_locale":"en_US","og_type":"article","og_title":"Wynn Posted a Q1 Loss, Suspends Dividend Due to Coronavirus","og_description":"Wynn Resorts reported a first-quarter loss due to COVID-19 and suspended its dividend, but CEO Matt Maddox sees progress being made in Macau.","og_url":"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2020-05-06T21:16:17+00:00","article_modified_time":"2020-05-06T23:48:13+00:00","og_image":[{"width":2760,"height":1823,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/wynn2-scaled.jpeg","type":"image\/jpeg"}],"author":"Todd Shriber","twitter_card":"summary_large_image","twitter_creator":"@etfgodfather","twitter_site":"@Casino_Org","twitter_misc":{"Written by":"Todd Shriber","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/","url":"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/","name":"Wynn Posted a Q1 Loss, Suspends Dividend Due to Coronavirus","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/wynn2-scaled.jpeg","datePublished":"2020-05-06T21:16:17+00:00","dateModified":"2020-05-06T23:48:13+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Wynn Resorts reported a first-quarter loss due to COVID-19 and suspended its dividend, but CEO Matt Maddox sees progress being made in Macau.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/wynn2-scaled.jpeg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/05\/wynn2-scaled.jpeg","width":2760,"height":1823,"caption":"Wynn posted a Q1 loss due to the coronavirus and suspended its dividend. (Image: Associated Press)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/wynn-posted-a-q1-loss-suspends-dividend-due-to-coronavirus\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Financial","item":"https:\/\/www.casino.org\/news\/financial\/"},{"@type":"ListItem","position":3,"name":"Wynn Q1 Loss Wider Than Estimates, Revenue Tops Forecasts, Dividend ‘Temporarily’ Suspended"}]},{"@type":"WebSite","@id":"https:\/\/www.casino.org\/news\/#website","url":"https:\/\/www.casino.org\/news\/","name":"Casino.org","description":"Latest Casino and Gaming News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.casino.org\/news\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85","name":"Todd Shriber","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2023\/03\/cropped-11-96x96.png","caption":"Todd Shriber"},"description":"Todd Shriber is a senior news reporter covering gaming financials, casino business, stocks, and mergers and acquisitions for Casino.org. Todd got his start in financial markets as a reporter with Bloomberg News. Later, he became a trader at a Southern California-based long\/short hedge fund, where he specialized in the trading sector and international ETFs leading up to and during the financial crisis. He joined Casino.org in 2019. Currently, Todd analyzes, researches, and writes on ETFs for various web-based publications and financial services firms. Shriber has been featured and quoted in Barron's, CNBC.com, and The Wall Street Journal. His work can also be found on Benzinga, ETF Daily News, ETF Trends, MarketWatch, Fox Business, and Nasdaq.com. He currently resides in Las Vegas, where he enjoys golf and taking his black lab to the dog park. He's also an avid sports fan and likes to wager on college football and the NBA. You can also find him at the three-card poker and roulette table, even though he knows better. Contact Todd at todd.shriber@casino.org.","sameAs":["https:\/\/muckrack.com\/todd-shriber","https:\/\/www.linkedin.com\/in\/toddshriber\/","https:\/\/x.com\/etfgodfather"],"url":"https:\/\/www.casino.org\/news\/author\/todd-shriber\/"}]}},"_links":{"self":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/135066"}],"collection":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/users\/46"}],"replies":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/comments?post=135066"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/135066\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/135068"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=135066"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=135066"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=135066"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}