{"id":225713,"date":"2022-08-09T16:23:55","date_gmt":"2022-08-09T21:23:55","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=225713"},"modified":"2022-08-09T16:55:54","modified_gmt":"2022-08-09T21:55:54","slug":"wynn-earnings-pinched-by-macau-helped-by-domestic-casinos","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-earnings-pinched-by-macau-helped-by-domestic-casinos\/","title":{"rendered":"Wynn Whimpers on Macau Results, But US Casinos Set Records"},"content":{"rendered":"

Shares of Wynn Resorts (NASDAQ:WYNN) are retreating in extended trading Tuesday. That’s after the gaming company reported second-quarter revenue that missed Wall Street forecasts.<\/p>\n

\"Wynn
Wynn and Encore Las Vegas, seen above. Those venues helped the operator’s second-quarter earnings. (Image: YouTube)<\/figcaption><\/figure>\n

The Encore operator posted a non-GAAP loss of 82 cents a share on revenue of $908.8 million from April through June. Analysts expected a loss of 97 cents on sales of $981.4 million. Not surprisingly, the top line miss is solely attributable to Macau, where Wynn Macau — the company\u2019s China business — operates two integrated resorts.<\/p>\n

The results of operations of our Macau Operations for the second quarter of 2022 continued to be negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic,\u201d according to a statement issued by the Las Vegas-based company.<\/p><\/blockquote>\n

The special administrative region (SAR) accounts for a massive percentage of Wynn\u2019s top line in a normal Macau operating environment. Only a handful of US-based non-technology companies depend more on China as a revenue driver<\/a> than Wynn. However, since the dawn of the coronavirus crisis, Macau has been anything but normal, lagging the global casino recovery while vexing analysts and operators alike along the way.<\/p>\n

For Wynn, Help in the US<\/h2>\n

Wynn\u2019s second-quarter results were very much a tale of two geographies. While Wynn Macau and Wynn Palace floundered, the opposite was true of the operator\u2019s US properties.<\/p>\n

In the statement, CEO Craig Billings said Wynn and Encore Las Vegas set quarterly records in April through June, while Encore Boston Harbor notched all-time high second-quarter results.<\/p>\n

Operating revenues from our Las Vegas Operations were $561.1 million for the second quarter of 2022, an increase of $206.0 million from $355.1 million for the second quarter of 2021. Adjusted Property earnings before interest, taxes, depreciation and amortization (EBITDA) from our Las Vegas Operations for the second quarter of 2022 was $226.7 million, compared to $133.2 million for the second quarter of 2021,\u201d according to the statement.<\/p><\/blockquote>\n

Data points like those confirm the benefits of geographic diversity and could indicate why Wynn is pursuing projects outside of Macau, including in the United Arab Emirates (UAE) and possibly a New York City casino license<\/a>.<\/p>\n

Balance Sheet Update<\/h2>\n

When analysts are fretting about the cash positions and survival timelines of Macau operators, the health of balance sheets is critical. For its part, Wynn Resorts loaned Wynn Macau $500 million<\/a> in June.<\/p>\n

\n

As of June 30, Wynn has $2.01 billion in cash and cash equivalents against $11.91 billion in long-term debt. That cash position should markedly improve by the end of the year as the company closes the $1.7 billion sale of Encore Boston Harbor\u2019s real estate. Wynn also has access to $1.04 billion in credit revolvers.<\/p>\n<\/div>\n

\u201cIn the second quarter of 2022, the Company repurchased 2,381,928 shares of its common stock at an average price of $57.70 per share, for an aggregate cost of $137.4 million,\u201d the operator added.<\/p>\n","protected":false},"excerpt":{"rendered":"

Shares of Wynn Resorts (NASDAQ:WYNN) are retreating in extended trading Tuesday. That’s after the gaming company reported second-quarter revenue that missed Wall Street forecasts. The Encore operator posted a non-GAAP loss of 82 cents a share on revenue of $908.8 million from April through June. Analysts expected a loss of 97 cents on sales of […]<\/p>\n","protected":false},"author":46,"featured_media":225715,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[69069,10],"tags":[81913,81903,51],"acf":[],"yoast_head":"\nWynn Earnings Pinched By Macau, Helped By Domestic Casinos<\/title>\n<meta name=\"description\" content=\"Wynn earnings crimped by Macau, but US casinos set records.\" \/>\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 Earnings Pinched By Macau, Helped By Domestic Casinos\" \/>\n<meta property=\"og:description\" content=\"Wynn earnings crimped by Macau, but US casinos set records.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/wynn-earnings-pinched-by-macau-helped-by-domestic-casinos\/\" \/>\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=\"2022-08-09T21:23:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-09T21:55:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/wynn2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\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=\"2 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-earnings-pinched-by-macau-helped-by-domestic-casinos\/\",\"url\":\"https:\/\/www.casino.org\/news\/wynn-earnings-pinched-by-macau-helped-by-domestic-casinos\/\",\"name\":\"Wynn Earnings Pinched By Macau, Helped By Domestic Casinos\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-earnings-pinched-by-macau-helped-by-domestic-casinos\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-earnings-pinched-by-macau-helped-by-domestic-casinos\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/wynn2.jpg\",\"datePublished\":\"2022-08-09T21:23:55+00:00\",\"dateModified\":\"2022-08-09T21:55:54+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Wynn earnings crimped by Macau, but US casinos set records.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/wynn-earnings-pinched-by-macau-helped-by-domestic-casinos\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/wynn-earnings-pinched-by-macau-helped-by-domestic-casinos\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/wynn-earnings-pinched-by-macau-helped-by-domestic-casinos\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/wynn2.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2022\/08\/wynn2.jpg\",\"width\":1280,\"height\":720,\"caption\":\"Wynn Las Vegas. 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