Date: Mon, 10 February 2020
Author: Sergei Klebnikov
Top line: Wynn Resorts, operating high-end hotels and casinos globally, reported that it was facing losses to up to $2.6 million daily due to shutdowns in Macau because of the outbreak of the coronavirus.
Crucial statistics: The news caused Wynn Resorts stock to dip about 4% on Friday. Shares are down just over 10% so far in 2020.
Crucial quote: “Macau is set up for a really great rebound. Tourism is one of the first things that rebound with events like this because people want to get out and move around. We feel good about the long-term aspect of Macau once the virus is completely contained.”
What to watch for: How extensive of an impact the Macau closures potentially places on Wynn’s first-quarter earnings in 2020. Wynn Resorts’ executives are very certain that they are in good financial health to battle losses from the coronavirus. “We have a ton of liquidity,” said chief financial officer Craig Billings. “We have a couple billion dollars of availability between cash and revolver in Macau. That’s more than sufficient to last for, really, any period of closure.”
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