The digital venture has not posted its financial figures yet. Wynn currently owns 72% of the business and the rest is owned by the company’s strategic partner BetBull. Through this move, Wynn hopes to tap into the booming online gambling and sports betting market that is only expected to grow this year. Back in October, the company merged its US online sports betting and social casino segments into Wynn Interactive. Wynn has already taken decisive steps in adapting its business and securing higher profitability. Wynn Taps Into Online Gambling as New Revenue Stream Interestingly, the company’s Boston branch has actually remained fairly stable and ended the year with $361.7 in revenue. Wynn Las Vegas has suffered a 54.2% drop to $747.9 million, which is again unsurprising considering the current economic situation in Nevada. Performance on the US market is comparatively stable. These results are not surprising, given the heavy toll that the lockdown has taken on Macau’s gambling-based economy. Wynn Palace, which is also situated in the Special Administrative Region of China, saw a drop of 77.1% to $474.7 million. Wynn Macau concluded the year with a revenue drop of 80.1% year-on-year.
The gaming and entertainment giant’s Macau branch has been hit the hardest. Business in Macau Takes Nosedive, US Relatively Stable The most sharply affected segment is gaming where revenue plummeted by a staggering 72.9%. Compared to the previous financial year, this marks a 61.7% and 59.8% drop respectively. Rooms revenue has dropped to $308.0 million, while revenue from drink and beverage sales declined to $329.6 million. Wynn Resorts International’s business performance has taken a hit on all fronts. The phenomenon can be observed in a number of other businesses of all sizes and has also sharply reduced the financial performance of entire market segments. The substantial decline in profits is a direct consequence of the lockdown measures imposed on businesses shortly after the outbreak of the novel coronavirus pandemic. The company’s operating revenue has also taken a nosedive to $2.10 billion – a drop of over 68% compared to the $6.61 billion it generated the previous year. Wynn Resorts International has concluded the 2020 financial year with a total net loss of $2.07 billion. Wynn Resorts Posts Losses Across All Fronts Wynn Resorts posts losses to the tune of $2.07 billion for the 2020 financial year, hoping for a better 2021 and normalization of operational results.
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