What happened 

Shares of Wynn Resorts (WYNN 0.20%) fell 44.3% in March, according to data provided by S&P Global Market Intelligence, and fell another 19.4% in the first three days of April. 

So what 

In March, COVID-19 became much more than a virus that would impact Macao and Wynn's Chinese market. The company was forced to shut down U.S. operations, and there's no timetable for when they'll open again. 

Macao's skyline at night from the water.

The Macao skyline. Image source: Getty Images.

At the same time, Macao's casinos had a full month open after being closed for two weeks in February to control COVID-19. But revenue was down 79.7% from a year ago, and it's clear that cash flow from the region will be low for some time. 

Now what 

Wynn may be able to get some government assistance in the next few months, but it's unclear when the business will return to normal. Casinos are closed for the time being, and when they reopen, the U.S. may be in the depths of a recession with millions of people already out of work. That puts the company on uncertain footing. 

The good news is that Wynn Resorts has $2.36 billion of cash on the balance sheet and still owns most of its real estate, which it could sell to a REIT to raise money. As long as the company can get through the current downturn, this may be a casino stock to pick up at a rare low for long-term investors.