Operating as part of an industry that saw its profits gutted earlier in the year by COVID-19 lockdowns and travel bans, Wynn Resorts (WYNN 1.70%) provided its Q2 2020 financial results in a press release today, missing on earnings per share (EPS) and revenue. Quarterly operating revenue nosedived from Q2 2019's $1.66 billion to $85.7 million this year, a drop of $1.57 billion year over year, amounting to a 94.8% decline.
The results were worse than analysts anticipated, though Wall Street had expected the company to take a drubbing in line with the remainder of its industry. The consensus had pegged revenue at approximately $275.2 million, meaning the negative surprise proved to be sizable. Analysts' adjusted EPS forecasts looked for a $4.91 loss per share, versus the actual loss per share of $6.14.
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The company says it has approximately $3.8 billion in cash and cash equivalents on hand, while its total debt at quarter's end was $12.78 billion, including both short-term and long-term debt.
The company says it is returning to operations everywhere, with Chief Executive Officer Matt Maloney saying it is "pleased to be up and running again in each of our markets." Varied health restrictions are still in place on casinos around the globe, though Wynn notes that its Boston property in particular received "a positive reception as many of our customers currently prefer to stay close to home."
While Wynn's shares fell in trading today, the stock has been rising slowly in after-hours trading. Investors may believe that while the casino company sustained heavy losses during the first stages of the pandemic, it now has plenty of space to rebound.
