{"id":154547,"date":"2020-11-05T15:15:39","date_gmt":"2020-11-05T23:15:39","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=154547"},"modified":"2020-11-05T16:12:36","modified_gmt":"2020-11-06T00:12:36","slug":"wynn-q3-results-were-dismal-wouldve-been-worse-without-us-ops","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/","title":{"rendered":"Wynn Q3 Macau Revenue Plunges, Boston, Vegas Pleasantly Surprise, More States Eyed for Sports Betting"},"content":{"rendered":"

Shares of Wynn Resorts (NASDAQ:WYNN) traded lower in Thursday’s after-hours session. That’s after the gaming company reported a wider-than-expected third-quarter loss on revenue that was lighter than Wall Street forecast.<\/p>\n

\"Encore
Encore Boston Harbor, seen here, and Wynn’s Las Vegas venues buffered against Macau weakness in Q3. (Image: Boston Globe)<\/figcaption><\/figure>\n

Dragged down by disappointing results in Macau, its most important market, the Encore operator said the company lost $7.10 a share on revenue of $370.45 million in the July through September period. Analysts expected a per share loss of $4.39 on sales of $434.48 million.<\/p>\n

In Macau, where Wynn operates an eponymous integrated resort and Wynn Palace, the top line was $67.1 million, or nearly $100 million below analysts’ projection of $166.1 million. As is the case with rival operators in the world’s largest gaming center, Wynn is scuffling against<\/a> the backdrop of still-tepid foot traffic, which is pressuring gross gaming revenue (GGR) in the special administrative region (SAR). The company did, however, note that its Macau business is showing signs of life in the current quarter.<\/p>\n

In Macau, visitation restrictions have begun to gradually and thoughtfully ease, allowing us to achieve EBITDA break-even in October,\u201d said CEO Matt Maddox in a statement. \u201cWe are confident that Macau will continue to benefit from the return of consumer demand as we head into 2021.\u201d<\/p><\/blockquote>\n

While the company’s numbers in the SAR disappoint, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of -$65.9 million were far better than the loss of $108.9 million analysts expected.<\/strong><\/p>\n

Domestic Help<\/h2>\n

In a normal operating environment, which 2020 clearly isn’t, Wynn derives two-thirds or more of EBITDA and turnover from Macau, underscoring the importance of that market to the company’s top and bottom lines.<\/p>\n

In a bit of good news for investors<\/a>, the operator said weekend leisure demand at its Las Vegas Strip venues was strong in the third quarter, aided by \u201csolid hotel occupancy and casino play,\u201d while Encore Boston Harbor generated record quarterly EBITDA.<\/p>\n

\n

Las Vegas operating revenue for the September quarter was $186.7 million, down from $399.5 million a year earlier, while adjusted property EBITDA checked in at $20.3 million. In Boston, where Encore wasn’t open for all of July, adjusted property EBITDA surged to $26 million from $7 million last year. Operating revenue there sank to $116.7 million from $175.8 million in the same period in 2019.<\/p>\n<\/div>\n

On a conference call with analysts and investors, Wynn Las Vegas President Marilyn Spiegel noted the bulk of the company’s international traffic in Sin City is coming by way of foreign nationals already located in the US, namely Southern California. She called baccarat trends \u201cencouraging,\u201d while noting higher-end customers are visiting more frequently and betting more.<\/p>\n

Maddox points out that as part of the operator’s plan to rejuvenate the Las Vegas convention and entertainment business, it will have its own COVID-19 testing site completed by the end of this year. He said it will be saliva-based testing, with results that can be turned around in five or six hours<\/strong>.<\/p>\n

WynnBet Update<\/h2>\n

In the just-completed quarter, Wynn launched online sports and casino offerings in New Jersey under its WynnBet brand.<\/p>\n

\u201cBeyond New Jersey, we have secured market access in numerous other states, and are in the process of applying for licenses on a stand-alone basis in Tennessee and Virginia,\u201d according to the company.<\/strong><\/p>\n

Last week, the gaming firm said it’s applying for a sports wagering license in the Old Dominion State and, as a part of a deal with NASCAR<\/a>, will build betting lounges at Martinsville Speedway and Richmond Raceway.<\/p>\n

The next states for WynnBET launch are expected to be Colorado, Indiana, and Michigan.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Wynn Resorts (NASDAQ:WYNN) traded lower in Thursday’s after-hours session. That’s after the gaming company reported a wider-than-expected third-quarter loss on revenue that was lighter than Wall Street forecast. Dragged down by disappointing results in Macau, its most important market, the Encore operator said the company lost $7.10 a share on revenue of $370.45 […]<\/p>\n","protected":false},"author":46,"featured_media":154548,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nWynn Q3 Results Were Dismal, Would've Been Worse Without US Ops<\/title>\n<meta name=\"description\" content=\"Wynn Resorts reported dreadful third-quarter numbers, but Boston and Las Vegas saved the day.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wynn Q3 Results Were Dismal, Would've Been Worse Without US Ops\" \/>\n<meta property=\"og:description\" content=\"Wynn Resorts reported dreadful third-quarter numbers, but Boston and Las Vegas saved the day.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/\" \/>\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=\"2020-11-05T23:15:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-11-06T00:12:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/EBH.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1440\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\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-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/\",\"name\":\"Wynn Q3 Results Were Dismal, Would've Been Worse Without US Ops\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/EBH.jpg\",\"datePublished\":\"2020-11-05T23:15:39+00:00\",\"dateModified\":\"2020-11-06T00:12:36+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn Resorts reported dreadful third-quarter numbers, but Boston and Las Vegas saved the day.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/EBH.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/EBH.jpg\",\"width\":1440,\"height\":900,\"caption\":\"Encore Boston Harbor, seen here, and Wynn's Las Vegas venues buffered against Macau weakness in Q3. (Image: Boston Globe)\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.casino.org\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Commercial Gaming\",\"item\":\"https:\/\/www.casino.org\/news\/commercial-gaming\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Wynn Q3 Macau Revenue Plunges, Boston, Vegas Pleasantly Surprise, More States Eyed for Sports Betting\"}]},{\"@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 Q3 Results Were Dismal, Would've Been Worse Without US Ops","description":"Wynn Resorts reported dreadful third-quarter numbers, but Boston and Las Vegas saved the day.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Wynn Q3 Results Were Dismal, Would've Been Worse Without US Ops","og_description":"Wynn Resorts reported dreadful third-quarter numbers, but Boston and Las Vegas saved the day.","og_url":"https:\/\/www.casino.org\/news\/wynn-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/","og_site_name":"Casino.org","article_publisher":"https:\/\/www.facebook.com\/Casino.OrgNews","article_published_time":"2020-11-05T23:15:39+00:00","article_modified_time":"2020-11-06T00:12:36+00:00","og_image":[{"width":1440,"height":900,"url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/EBH.jpg","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-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/","url":"https:\/\/www.casino.org\/news\/wynn-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/","name":"Wynn Q3 Results Were Dismal, Would've Been Worse Without US Ops","isPartOf":{"@id":"https:\/\/www.casino.org\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.casino.org\/news\/wynn-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/#primaryimage"},"image":{"@id":"https:\/\/www.casino.org\/news\/wynn-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/#primaryimage"},"thumbnailUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/EBH.jpg","datePublished":"2020-11-05T23:15:39+00:00","dateModified":"2020-11-06T00:12:36+00:00","author":{"@id":"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85"},"description":"Wynn Resorts reported dreadful third-quarter numbers, but Boston and Las Vegas saved the day.","breadcrumb":{"@id":"https:\/\/www.casino.org\/news\/wynn-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.casino.org\/news\/wynn-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.casino.org\/news\/wynn-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/#primaryimage","url":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/EBH.jpg","contentUrl":"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2020\/11\/EBH.jpg","width":1440,"height":900,"caption":"Encore Boston Harbor, seen here, and Wynn's Las Vegas venues buffered against Macau weakness in Q3. (Image: Boston Globe)"},{"@type":"BreadcrumbList","@id":"https:\/\/www.casino.org\/news\/wynn-q3-results-were-dismal-wouldve-been-worse-without-us-ops\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"News","item":"https:\/\/www.casino.org\/news\/"},{"@type":"ListItem","position":2,"name":"Commercial Gaming","item":"https:\/\/www.casino.org\/news\/commercial-gaming\/"},{"@type":"ListItem","position":3,"name":"Wynn Q3 Macau Revenue Plunges, Boston, Vegas Pleasantly Surprise, More States Eyed for Sports Betting"}]},{"@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\/154547"}],"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=154547"}],"version-history":[{"count":0,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/posts\/154547\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media\/154548"}],"wp:attachment":[{"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/media?parent=154547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/categories?post=154547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.casino.org\/news\/wp-json\/wp\/v2\/tags?post=154547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}