Wynn slammed by Macau shutdown
Maddox sees some progress at Encore Boston Harbor
WYNN RESORTS CEO Matt Maddox said the coronavirus shutdown of all the casinos in Macau for at least two weeks is costing the gambling giant millions of dollars a day in lost revenue even as the company continues to burn through $2.4 million to $2.6 million a day in ongoing expenses for employees.
Casino business in Macau was already off dramatically with previous travel restrictions, and is now shut down completely. Maddox said 2020 had been shaping up as an extraordinary year, given the opening of high-speed rail into Macau and light rail service to the casinos. For Wynn’s resorts in Macau, Maddox said, those good times will have to wait until the virus scare subsides.
“It’s a little early to say exactly when we will reopen,” he told financial analysts in a conference call after the company’s release of its fourth quarter results.At Encore Boston Harbor, Maddox said the company is picking up some steam after a slow start. Earnings before interest, taxes, depreciation, and amortization doubled from $7.8 million in the third quarter of 2019 to $15.3 million in the fourth quarter. The operating loss declined from $41.6 million in the third quarter to $34 million in the fourth. Maddox said expenses at Encore were reduced 11 percent between the two quarters.
“We feel good about the progress we’re making,” he said.