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Wynn Resorts to Reopen Las Vegas Strip in Mid-to-Late May
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Wynn Resorts, Limited (WYNN - Free Report) business in China and Las Vegas has been impacted by the coronavirus pandemic. Although most of the casinos in Macau have resumed operations after coronavirus-induced shutdown, casino tables are still empty. However on the bright side, Wynn Resorts CEO Matt Maddox said that Las Vegas Strip could re-open in mid- to late May with extensive safety measures in place.
Maddox also added that part of Nevada's economy should start reopening in early May. In an effort to contain the spread of this deadly virus, the company’s Encore Boston Harbor and Wynn Las Vegas shut operation on Mar 15 and Mar 17, respectively. The company has been bearing operating expenses of nearly $3.5 million during the closure, excluding nearly $0.8 million per day of cash interest expense.
The company’s CEO also said “Begin with reduced occupancy, physical distancing measures in place, temperature checks and no large gatherings.” In order to adhere to precautionary norms, the company will spread out restaurant tables as well as slot machines.
Q1 Results to Decline Sharply
Due to the coronavirus pandemic, the company’s results in first-quarter 2020 are likely to decline sharply. The company expects revenues in the range of approximately of $912 million to $969 million in the first quarter, sharply down from $1.64 billion in the prior year. The company anticipates adjusted property EBITDA in the range of nearly $58 million to $65 million, down from $484 million reported in the year-ago quarter.
Earlier, the company announced that the board of directors and top executives has agreed to forgo between 33% and 100% of their salaries in the light of the coronavirus-induced economic downturn. Notably, Maddox has agreed to give up 100% of his salary in exchange for shares for the rest of 2020.
Share Performance
Owing to the ongoing coronavirus crisis, shares of the company have fallen 44.9% in the past three months, compared with the industry’s decline of 35.9%. Other stocks like MGM Resorts International (MGM - Free Report) , Melco Resorts & Entertainment Limited (MLCO - Free Report) and Century Casinos, Inc. (CNTY - Free Report) have tanked 56.5%, 33.7% and 58.9%, respectively, in the past three months.
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Wynn Resorts to Reopen Las Vegas Strip in Mid-to-Late May
Wynn Resorts, Limited (WYNN - Free Report) business in China and Las Vegas has been impacted by the coronavirus pandemic. Although most of the casinos in Macau have resumed operations after coronavirus-induced shutdown, casino tables are still empty. However on the bright side, Wynn Resorts CEO Matt Maddox said that Las Vegas Strip could re-open in mid- to late May with extensive safety measures in place.
Maddox also added that part of Nevada's economy should start reopening in early May. In an effort to contain the spread of this deadly virus, the company’s Encore Boston Harbor and Wynn Las Vegas shut operation on Mar 15 and Mar 17, respectively. The company has been bearing operating expenses of nearly $3.5 million during the closure, excluding nearly $0.8 million per day of cash interest expense.
The company’s CEO also said “Begin with reduced occupancy, physical distancing measures in place, temperature checks and no large gatherings.” In order to adhere to precautionary norms, the company will spread out restaurant tables as well as slot machines.
Q1 Results to Decline Sharply
Due to the coronavirus pandemic, the company’s results in first-quarter 2020 are likely to decline sharply. The company expects revenues in the range of approximately of $912 million to $969 million in the first quarter, sharply down from $1.64 billion in the prior year. The company anticipates adjusted property EBITDA in the range of nearly $58 million to $65 million, down from $484 million reported in the year-ago quarter.
Earlier, the company announced that the board of directors and top executives has agreed to forgo between 33% and 100% of their salaries in the light of the coronavirus-induced economic downturn. Notably, Maddox has agreed to give up 100% of his salary in exchange for shares for the rest of 2020.
Share Performance
Owing to the ongoing coronavirus crisis, shares of the company have fallen 44.9% in the past three months, compared with the industry’s decline of 35.9%. Other stocks like MGM Resorts International (MGM - Free Report) , Melco Resorts & Entertainment Limited (MLCO - Free Report) and Century Casinos, Inc. (CNTY - Free Report) have tanked 56.5%, 33.7% and 58.9%, respectively, in the past three months.
Wynn Resorts currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +50%, +83% and +164% in as little as 2 months. The stocks in this report could perform even better.
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