The Wynn Macau Limited subsidiary of American casino operator Wynn Resorts Limited has reportedly announced that its board has decided not to pay investors a final dividend on its 2019 financial performance.
According to a report from Inside Asian Gaming, the Hong Kong-listed firm used an official filing to reveal that the move is set to allow it to better safeguard its business in the face of tougher trading conditions engendered by the ongoing coronavirus pandemic.
Coronavirus concerns:
Wynn Macau Limited is responsible for the 1,000-room Wynn Macau as well as the even grander Wynn Palace Cotai and recently lost up to $39 million as a direct result of last month’s 15-day shutdown of casinos in Macau. The operator is also said to be struggling to reenergize its business in the wake of the coronavirus scare and the temporary near ban that remains in place for visitors arriving into the former Portuguese enclave from the Chinese mainland.
Parent pledge:
The action from Wynn Macau Limited reportedly follows last week’s move from the senior leadership of its Wynn Resorts Limited parent to forego some or all of their salaries for 2020. However, it conversely moreover comes after the board for Macau rival MGM China Holdings Limited, which is majority owned by Las Vegas-headquartered MGM Resorts International, recommended paying its investors a final dividend on each individual share that is 144% higher year-on-year at $0.083.
Reportedly read the filing from Wynn Macau Limited…
“During this unprecedented coronavirus crisis, the board’s primary focus is on safeguarding its Macau operations and, most importantly, the well-being of its over 13,000 employees. The board will be continuously monitoring the situation and market conditions in Macau and greater China and may consider a special dividend in the future when such conditions have stabilized.”
Forlorn financials:
Inside Asian Gaming reported that the dividend decision furthermore trails a revelation from Wynn Macau Limited that its net profit for the twelve months to the end of December had fallen by 19% year-on-year to approximately $652.67 million on operating revenues that were 8.7% lower at about $4.66 billion. The company additionally purportedly detailed an associated 9.5% decrease in annual casino revenues to around $3.98 billion as well as an 11.2% diminution in its adjusted earnings before interest, tax, depreciation and amortization to just over $1.23 billion.
Broken down by segment and Inside Asian Gaming reported that Wynn Macau Limited’s VIP table games win for 2019 had fallen by 24.9% year-on-year to just above $2.63 billion on the back of turnover that was 31.6% lower at slightly beyond $82.17 billion. The casino operator likewise purportedly recorded an accompanying 5.9% dip in annual mass-market table games win to approximately $2.37 billion alongside relatively static slot revenues at $370.21 million.
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