Losing out on millions every day
The deadly coronavirus outbreak has caused casinos in Macau to close for around two weeks in a bid to stop the virus spreading. As a result, it is costing casino operators in the region a lot of money.
operating expenses total between $2.4m and $2.6m a day while casinos remain closed
During an earnings call earlier this week, Wynn Resorts CEO Matt Maddox highlighted the impact the closure is having on the company. Maddox revealed that operating expenses total between $2.4m and $2.6m a day while casinos remain closed.
Wynn suffering more than most
According to Moody’s Investors Service analysts, Wynn Resorts has more to lose than other Macau operators like the Sands and MGM. For Wynn, the majority of their overall revenues come that that area.
Wynn Macau closed its doors at midnight on Wednesday. Since that time, company executives have continued to talk with local officials about how the virus can be contained.
During the earnings call, Maddox emphasized that the company supports efforts to contain the virus. He said Wynn Resorts is “currently focused almost solely on the health and safety of our employees, our customers and the Macau community at large.”
Earlier this week, Macau Chief Executive Ho lat Seng announced the temporary closure of casinos until the deadly coronavirus has been contained. He stated that the two week time frame could be extended if the virus continues to spread on the island.
This week, Macau confirmed as many as 10 cases of the virus in the region. Of the confirmed cases, one female works in the gaming industry. In China, the coronavirus has killed over 400 people and tens of thousands have contracted it. The virus continues to spread and has reached over 20 nations across the globe.