Wynn Resorts, the operator of the Wynn Macau resort and casino, reported a $351.6 million loss for its 2020 second quarter. The loss is the worst quarterly performance of the six leading concessionaires in Macau. The company blamed the result on continued restrictions imposed because of the coronavirus.
The company, which operates Wynn Palace, too, reported revenues of $20.6 million only for its quarter ended June. This is a 98 percent drop from revenues in the same period last year. The company reported a $168.6 million profit last year. The losses for the period are the company's worst since it went public in Hong Kong in 2009.
Most of the company's casino operations have been restored but the number of visitors has been reduced significantly. With the threat of a new wave of virus infections Macau is still implementing strict public health and social distancing measures. These include testing requirements, health screenings and mandatory quarantine for visitors.
Wynn Resorts said it was unsure when the measures would be lifted. The company said the government had been trying to ease some visitation restrictions to accelerate the recovery of businesses. Wynn Resorts' chief executive officer Matt Maddox said the company was confident consumers from China would return to its casinos and hotels in Macau in the second half of 2020.
In July the government of Guangdong province lifted a 14-day quarantine requirement for some visitors crossing to Macau. For visitors to be exempt they must have "green" health codes and have tested negative for the virus over the past seven days.
According to data released by the Gaming Inspection and Coordination Bureau, gross gaming revenues in Macau had dropped by more than 94.5 percent in July to about $168 million. This represented the fourth consecutive month of contraction above the 90 percent level. Macau generates most of its revenues from gaming taxes. The city's economy has contracted by more than 48.7 percent during the first quarter and is expected to report a similar contraction for the second quarter.
