Wynn Resorts Losing Millions Per Day In Macau

Wynn Resorts Losing Millions Per Day In Macau

It is reported today that Wynn Resorts, an American gaming, entertainment and hospitality firm based in Nevada, is losing millions of dollars per day due to the resort closures and poor visitor numbers following the coronavirus outbreak.

Wynn Resorts, a publicly traded company founded by Steve Wynn and Kazuo Okada, owns and operates a total of three casino establishments on the Cotai Strip in Macau: Wynn Macau, Encore at Wynn Macau and Wynn Palace.

Reportedly, the corporation is losing an estimated 2.4 million dollars per day.

According to latest figures, there have been ten confirmed cases of the coronavirus in Macau, a deadly disease that has currently killed over 600 people in mainland China.

Following the spread of the virus and as a preventative precaution, a number of hotel and casino establishments in Macau have closed for business for a period of two weeks.

The move comes as a consequence of poor visitor numbers and lack of hotel bookings. It is not yet clear when the gaming establishments will reopen.

Chief executive officer and president of Wynn Resorts Matthew Maddox said:

“While the casino is closed, our operating expense burn rate is roughly $2.4 to $2.6 million a day”.

Maddox expanded on why the firm has decided to close its doors despite the losses:

“[Wynn Resorts is] Currently focused almost solely on the health and safety of our employees, our customers and the Macao community at large.”

The firm said that it still had a hotel and restaurants open for a few remaining guests that were still in Macau.

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