Wynn Macau seeing occupancy buildup amid relaunch of eVisas

Wynn Macau is seeing a buildup in occupancy this coming weekend, president of Wynn Macau Ian Coughlan told analysts in an earnings call.

The resumption of electronic visas for mainland travelers to Macau commenced November 1. This move was long-awaited by the tourism sector after electronic visas were halted in 2020 due to the Covid-19 pandemic.

However, the city’s tourism bureau clarified earlier this week that they are still waiting on an official announcement confirming the resumption of mainland excursions.

“We are coming out of our recent outbreak, and I believe we will see the EVs trickle in in the next couple of weeks and then pick up pace in the coming months,” said Coughlan.

Wynn Macau and Wynn Palace — the operator’s two venues in the SAR — shed USD75.8 million in adjusted property EBITDA year-over-year. The third quarter included a nearly two-week closure of Macau casinos due to an increase in coronavirus cases.

“Long term, we remain excited about the prospects for Macau with so much pent-up demand for travel and tourism in Asia,” said Craig Billings, CEO of Wynn Resorts.

Billings has noted the market continues to be challenging with market wide gross gaming revenue in the third quarter only reaching approximately 8% of the third quarter of 2019 levels, and “our results have reflected that.”