Gaming operator Wynn Macau today announced a loss of US$142.9 million (142.4 million euros) in the third quarter, or 14% less compared to the same period last year.
Wynn Macau had already reported a loss of US$270.6 million (265 million euros) in the second quarter of the year, more than doubling the losses compared to the same period in 2021.
“In Macau, while COVID-19 related travel restrictions continued to have a negative impact on our results, we were pleased to experience encouraging demand exchanges during the recent October holiday period. We remain confident that the market will benefit from the return of visits over time,” said Craig Billings, CEO of Wynn Resorts, the parent company, with casinos in Las Vegas and Boston, in a company statement.
Gaming revenues in Macau reached, in October, the highest value since February, 3.9 billion patacas (484.9 million euros), but fell by 10.7% in annual terms, according to the latest data. officers.
Macau, the only place in China where casino gambling is legal, experienced the worst outbreak of covid-19 since the beginning of the pandemic in June and July, which led the authorities to decree a partial confinement, including the closure of casinos during almost two weeks.
Concessionaires in Macau have been accumulating unprecedented losses since 2020 and the Government has been forced to resort to the extraordinary reserve to respond to the crisis, not least because about 80% of government revenue comes from gambling taxes.
Three concessionaires operate in the territory, Sociedade de Jogos de Macau, Galaxy, Wynn, and three sub-concessionaires, MGM, Venetian and Melco.
The Malaysian group Genting, which operates a casino in Singapore, and the current six operators are in the running for six casino gaming licenses, for a maximum period of ten years, in a public tender launched at the end of July.
