Please ensure Javascript is enabled for purposes of website accessibility

Wynn Resorts Cancels All Large Events Due to Coronavirus, Will Institute Temperature Screening

By Eric Volkman - Mar 13, 2020 at 7:03AM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The sweeping move to protect U.S. customers comes not long after a mandatory shutdown in the casino operator's most important market.

Wynn Resorts (WYNN 12.05%) has joined the rapidly growing list of organizations and companies putting a temporary kibosh on events with large crowds.

The casino resort operator announced late Thursday that it is canceling any scheduled gatherings in its U.S. facilities that fall under that category. This applies to all events that were to take place in its nightclubs, theaters, and buffets in both Las Vegas and its one resort in Boston.

In an additional measure, Wynn will be conducting temperature screening at every entrance to those resorts. It will effect this through the use of what it describes as "non-invasive" thermal cameras. Finally, the company is to establish sufficient space between patrons in its casino and restaurant spaces.

Wynn Encore in Las Vegas.

Image source: Wynn Resorts.

Wynn did not say how long these measures would be in effect; it only stated that they are temporary. Regardless, the company has pledged that it will do so "while still delivering the service levels our guests expect and deserve." As for its workforce, Wynn says it will continue to pay full-time workers who are employed in the affected spaces.

Wynn is being hit particularly hard by the rapid spread of the SARS-CoV-2 virus and the COVID-19 disease it causes. It has a significant presence in the Chinese gambling enclave of Macau, from where it derives almost 90% of its total revenue. An unprecedented, government-mandated shutdown of all Macau casinos turned off the lights for 15 days last month, depriving operations of many millions of dollars in revenue.

Wynn did not have a winning day on the stock market Thursday; its shares fell by almost 16% on the day. 

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Wynn Resorts, Limited Stock Quote
Wynn Resorts, Limited
WYNN
$58.29 (12.05%) $6.27

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
336%
 
S&P 500 Returns
115%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 06/26/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.