## Wynns Third Quarter Earnings Severely Impacted by COVID-19 – iGB
Wynn Resorts’ third-quarter income dropped by a significant 77.5% compared to the same period last year, reaching $370.5 million. A substantial tax adjustment led to a net loss of $831.5 million.
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The company’s gaming income was $201.9 million, a decrease of 81.8%. Hotel income was $61.1 million, food and beverage income was $76.6 million, and entertainment, retail, and other income was $30.8 million, all declining by over 70%.
Wynn Macau, historically the operator’s primary revenue source, generated only $15.7 million, a drop of 97.4% year-over-year, as the Macau market as a whole faced challenges due to travel restrictions. Similarly, Wynn Macau hotel revenue was only $51.4 million, down 89.2%.
However, CEO Matt Maddox stated that operating profits in Macau started to show positive growth towards the end of the quarter, so he is confident that these difficulties will not persist for long.
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