Wynn Macau sees uncertain recovery ahead

Wynn Macau filed its 2019 annual report yesterday, which contained some cautious commentary on the outlook for 2020.

Noting that the coronavirus was having a severe impact on revenues, Wynn said it expected to return to normal operations by March 20, within the government’s 30-day window since the company’s resorts reopened on February 20 after a 15-day closure. However, it acknowledged the obvious, which is that operations will continue to be affected by greatly reduced customer demand.

“Given the uncertainty around the extent and timing of the potential future spread or mitigation of the Coronavirus and around the imposition or relaxation of protective measures, we cannot reasonably estimate the impact to our future results of operations, cash flows, or financial condition,” the company said in its statement, filed to the Hong Kong Stock Exchange.

Demand was being impacted by a wide range of factors, the company said. These included international relations, economic disruption in China due to the coronavirus outbreak, and the cancellation of the Individual Visitor Scheme (IVS).

Wynn Macau’s operating revenues fell 8.7% year-on-year to US$4.61 billion in FY19, while adjusted property EBITDA was US$1.38 billion, down 13.6%.

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