According to the preliminary information for Q4 2020, “the daily average gross gaming revenues of Wynn Resorts’ Macau Operations were approximately 31% of its gross gaming revenues in the fourth quarter of 2019.”
The total operating revenues for Wynn Macau are expected to be between $258m and $262m for the period from 1 October to 30 November 2020, compared to $775.2m recorded for the same period in 2019.
For the two months, the daily average table drop was 47% of its table drop in Q4 last year. Adjusted Property EBITDA is expected to be in the range of $13m to $15m for the first two months of the quarter, which is a significant drop from $244.8m for the same period last year. The results were influenced by the reopening of the IVS exit visa program to all residents of mainland China.
Macau’s gross gaming revenue for the two months was $1.75bn, a 72% drop from $6.17bn in 2019. However, compared to GGR of $612m in Q3 2020, the results for the two months of Q4 increased by 187%.
The company also announced that issuing of Additional Notes and the net proceeds from the proposed offering will be used to repay “a portion of the amounts outstanding under the Wynn Macau Credit Facilities;» the issuance should “extend the maturity profile of the Group’s indebtedness and reduce the Group’s secured indebtedness.”