Wynn Casino Everett Ma

Posted on December 10, 2020 Author leaderstaff Categories All Tags Encore Casino, Everett MA, Wynn Resorts. Leave a Reply Cancel reply. Post navigation. EVERETT, MA — Wynn Resorts is eyeing a sale of its Encore Boston Harbor resort and casino in Everett, The Boston Globe first reported Friday. The casino giant and MGM Resorts issued a joint.

No food service yet, social distancing, hotel closed for now

BY JOSH RESNEK

If everything goes according to the plan as approved this week by the Massachusetts Gaming Commission, Wynn Boston Harbor Casino will be opening on or around June 29.

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Thus, will end an extraordinary closure of the casino which began on March 15 when the Coronavirus began hitting us with full force.

Since March 15 neither the casino nor the Encore Hotel has produced a dime of revenue.

The hotel will not be reopening on the 29th, according to Wynn company officials.

The hotel may reopen but on a limited basis, according to company reports.

The casino however will be reopening with a full litany of social distancing and hygienic requirements.

Temperatures will be taken. Hand washers will be everywhere. All employees will be wearing masks.

It is expected that many customers will do the same although the requirement is not absolute.

It is not yet entirely clear which restaurants will be reopening and in what capacity.

The buffet, which has been reopened in Las Vegas, will not be reopened here.

In the casino itself, card games have been eliminated and many other table games have been introduced.

Ending card games eliminated the need for dealers.

They have all been laid off.

With $3.4 billion in liquid assets, or enough to last the company for 1 1⁄2 years at the present burn rate, Wynn company president Matt Maddox is confident the comeback will be strong and over time, everything will come back to normal.

“We are confident that travel and tourism will recover in both the US and China, and our industry leading assets, fortress balance sheet and talented team members position the company to thrive in the years ahead,” Maddox affirmed.

The casino operator posted operating revenue of $953.7m for the period ending 31 March, a fall of 42.3 percent compared to the same period in 2019.

Wynn closed its Strip operations on 17 March. In Las Vegas, Q1 operating revenues were $323.8m, a 19.3 percent decrease from $401m for the first quarter of 2019. Operating revenues at Encore Boston Harbor came in at $140.9m.

In Asia, the company’s subsidiary Wynn Macau reported a nearly $154.2m net loss for the first quarter.

Wynn’s Macau interests generate about $75% of the company’s income. The closing of Beijing because of a recurrence of the virus will impact business in Macau which is a new worry for Wynn Resorts.

With air travel and tour- ism to Boston remaining extremely slim and limited, it is difficult to predict how the casino reopening will go.

Company officials in statements to Wynn employees say they are raring to go, a sentiment shared by a great many employees who have been paid by the company throughout the ordeal.

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It is believed that pent up demand for customers to go out again and to gamble will

be enough to bring respectable crowds back to the casino.

As of Tuesday, Wynn stock was traded at $92.00.

Its 52 week high was $153.00. The 52 week low, $35.00.

The dividend has been suspended.

The market cap, that is, the value of the company’s stock in the hands of all its shareholders is about $10 billion.

Wynn presently owes the city of Everett for in lieu of tax payments – an amount believed to be about $12 million.

It is expected that money will shortly be paid to the city.

The city will be without substantial income generated by hotel room fees for the near future.

Believes that once pandemic eases gaming industry will rebound strong

By JOSH RESNEK

Wynn Resorts Chief Operating Officer Matt Maddox believes that when the worst has passed with the virus, and when the vaccine has been distributed and millions inoculated, that the casino and hotel business will return, and powerfully.

Maddox is an industry legend and leader, who learned nearly all his business skills from his former boss and mentor of 20 years, the founder of the company bearing his name, Steve Wynn.

In a wide variety of interviews given, Maddox recently said that pent up demand will cause Wynn Resorts numbers to soar when all is said and done with the virus.

He understands this like everyone else dealing with the results of the virus; a mountain of restrictions and a travel and convention industry that has gone bust.

“Life won’t always be this way,” he repeats over and over.
In many comments made to industry leaders and Wall Street reporters and to casino analysts, Maddox remains firm in the belief that when the worst has passed, “Watch out!”

Maddox knows of what he speaks.

Wynn Resorts stock price is an indication that many investors believe in gaming and in folks like Maddox.

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Despite Macau’s gaming figures being down 70% from last year, despite Encore Hotel being closed, and the casino operating with crippling restrictions; despite the Wynn and Encore properties in Las Vegas closed during the week because so few visitors are traveling to Sin

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City, Wynn stock continues to soar. Earlier this week Wynn’s stock price hovered in the $112 area, a solid step up from its recent low of $75.

In fact, the stock has been swinging between $75 and $125 consistently for the past six months.

The 52-week high for the stock is $153.

The 52-week low, $35.

What a buy it was at $35!

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The company’s market cap stood at $12.02 billion Tuesday morning.

By comparison, Las Vegas Sands, owned by the billionaire Sheldon Adelson, showed a market cap of $44.4 billion on Tuesday morning.
The stock has swung between $35 a share to $73 a share in the past 52 weeks.

Stock price Tuesday – $58.

Adelson’s company is almost four times the size of Wynn Resorts, and yet Wynn Resorts stock volatility dwarfs Las Vegas Sands.

Everett

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Analysts and institutional investors continue to trade Wynn Re- sorts stock. Most tend to hold onto it and grow their positions, despite the horrific down market.
In a Wall Street world run in large part on speculation and confidence, Wynn Resorts stands out as one of the most dynamic movers in the casino and hotel industry.

Encore’s difficulties right now are a disaster – but that disaster is not going to last forever no matter how much the world changes as a result of the pandemic.

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At some point, the hotel will re-open and crowded, and the casino will be busy.

That time isn’t now – but it is coming.

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