{"id":253,"date":"2024-06-26T18:23:00","date_gmt":"2024-06-26T15:23:00","guid":{"rendered":"https:\/\/spindimensioncasinonodepositbonuscodes.icu\/2024\/06\/26\/wynn-resorts-market-reacts-frigidly-to-third-quarter-financial-results-macau-market-stays-depressed\/"},"modified":"2024-06-26T18:23:00","modified_gmt":"2024-06-26T15:23:00","slug":"wynn-resorts-market-reacts-frigidly-to-third-quarter-financial-results-macau-market-stays-depressed","status":"publish","type":"post","link":"https:\/\/spindimensioncasinonodepositbonuscodes.icu\/2024\/06\/26\/wynn-resorts-market-reacts-frigidly-to-third-quarter-financial-results-macau-market-stays-depressed\/","title":{"rendered":"Wynn Resorts: Market Reacts Frigidly to Third Quarter Financial Results, Macau Market Stays Depressed"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/K9rxptVNKGI\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Wynn Resorts: Market Reacts Frigidly to Third Quarter Financial Results, Macau Market Stays Depressed<\/p>\n<p>Shares of gambling establishment operator Wynn Resorts dropped 3.9% in after-hours trading, from $69.03 (60.64 pounds\/69.27 euros) to $66.35, as Macau&#8217;s &#8220;zero-COVID&#8221; strategy continues to negatively influence earnings.<\/p>\n<p>Market Responds Coldly to Wynn&#8217;s Third Quarter Financial Results, Macau Market Remains Depressed<br \/>\nIncome for the three months ending September 30 decreased 10.5% to $889.7 million from $994.6 million.<\/p>\n<p>The corporation reported a net loss of $142.9 million, or $1.27 per share, for the period. This represents a 14% year-over-year decrease from $166.2 million in the third quarter of 2021. However, on a sequential basis, the loss grew 9.8% from $130.1 million.<\/p>\n<p>The company&#8217;s core measurement, adjusted EBITDA, increased 12.2% to $1.735 billion from $1.546 billion, indicating the long-term health of its holdings.<\/p>\n<p>Macau Market Slump<br \/>\nThe primary reason for Wynn&#8217;s net loss was the continued weak performance of its properties in Macau, where Wynn is one of six concessionaires. 2022 has been a challenging year for the global gambling center, with COVID-related restrictions continuing. A summer lockdown led the Special Administrative Region to experience its worst month ever in July, with revenue falling 95% year-over-year to $49.2 million. <\/p>\n<p>Macau is still experiencing the consequences of COVID travel limitations, but we&#8217;re seeing positive indicators with growing demand during the recent October holiday, Wynn CEO Craig Billings remarked. &#8220;We&#8217;re certain that tourism will recover eventually.&#8221;<\/p>\n<p>Travel from abroad and mainland China has declined substantially due to stricter visa regulations and COVID concerns. While some provinces relaxed restrictions on e-visas and group visas earlier this month, the closure of MGM Resorts&#8217; MGM Cotai demonstrates the city&#8217;s ongoing uncertainty. The new visa laws have a &#8220;circuit breaker&#8221; that can suspend them if there&#8217;s another outbreak.<\/p>\n<p>&#8220;We&#8217;re impressed with how the Macau government managed the recent outbreak,&#8221; said Wynn President Ian Coughlan. &#8220;When we had an outbreak in the summer, we closed the casinos for six weeks to recover.<\/p>\n<p>&#8220;This time, the government reversed the situation in just two weeks. Occupancy is beginning to increase this weekend. We&#8217;re emerging from the recent outbreak, and I anticipate e-visas to gradually rise in the coming weeks and accelerate in the coming months.&#8221;<\/p>\n<p>American Strength <\/p>\n<p>In spite of this, Wynn&#8217;s persistent robust performance in the United States at least partially counterbalanced some of the difficulties in its Asian ventures.<\/p>\n<p>&#8220;Our teams at Wynn Las Vegas and Encore Boston Harbor have established a new third-quarter record for adjusted property earnings before interest, taxes, depreciation, and amortization in our combined North American properties,&#8221; Billings clarified.<\/p>\n<p>&#8220;Their unwavering dedication to five-star hospitality, combined with our market-leading conveniences, continue to elevate our properties above their competitors, making them the preferred destination for luxurious guests in Las Vegas and Massachusetts.&#8221;<\/p>\n<p>The company&#8217;s fundamental strength in this market prompted Billings to assert that new investor Tilman Fertitta acquired shares when they were underpriced.<\/p>\n<p>&#8220;Well, I believe I can say that it&#8217;s been advantageous for him, because he&#8217;s done an excellent job, because he appears to have commenced purchasing when the stock was undervalued in the second quarter. In fact, that&#8217;s when we repurchased some of our stock in our second-quarter report,&#8221; Billings added.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wynn Resorts: Market Reacts Frigidly to Third Quarter Financial Results, Macau Market Stays Depressed Shares&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wynn Resorts Stock Plunges: Macau<\/title>\n<meta name=\"description\" content=\"Wynn Resorts shares took a hit after Q3 results, with Macau\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/spindimensioncasinonodepositbonuscodes.icu\/2024\/06\/26\/wynn-resorts-market-reacts-frigidly-to-third-quarter-financial-results-macau-market-stays-depressed\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Wynn Resorts: Market Reacts Frigidly to Third Quarter Financial Results, Macau Market Stays Depressed\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Wynn Resorts shares took a hit after Q3 results, with Macau\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/spindimensioncasinonodepositbonuscodes.icu\/2024\/06\/26\/wynn-resorts-market-reacts-frigidly-to-third-quarter-financial-results-macau-market-stays-depressed\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Discover the Latest Casino Trends &amp; 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