Wynn Macau confident in obtaining new concession

Wynn Macau Ltd. is confident and positive on being granted a new gaming concession in 2022, pledging that it would follow the government’s guidelines once the government issues further information on the concessions.
Linda Chen, Vice Chairman, COO and Executive Director of the casino and resort operator, expressed her hope that the government will soon disseminate criteria and procedures for the renewal process to the industry. According to the Wynn Macau executive, the company will completely follow the guidelines and arrangements from the government as well as abide by all tourism policies.
As all walks of life were affected by the Covid-19 pandemic and the travel restrictions it brought with it, Macau has seen a quietened tourism industry for more than half a year. As a result, gambling concessionaires have not been gaining much income since the start of the outbreak.
Wynn Resorts has recorded a loss amounting to USD216 million at its Macau operations in the third quarter of this year. Revenue from July to September fell 93.7% to $67.1 million year-on-year with an Adjusted EBITDA loss of US112.1 million, a slight improvement from its revenue of $20.6 million in the second quarter.
Despite the challenging situation, the executive remains confident in the future prospects, saying that the company’s performance has been smoothening since the start of October.
Chen disclosed that, currently, hotels operated by Wynn Macau are recording an average daily occupancy of 50%. On some weekends, the rate is increasing to 60%.
Similar to the comments of the Chief Executive, Chen said that it is important to assure mainland Chinese tourists about the safety of Macau. A stable source of customers not only helps the casino industry, she said, but will also help local small to medium-sized enterprises.
Meanwhile, she added that the Greater Bay Area is a strong development platform for Macau in the future, with Wynn Macau planning to invest in the Area.