Macau casino group losing $2.5 million a day over virus closure

Wynn Resorts Ltd. is losing about $2.5 million a day in Macau after the Chinese government ordered casinos there closed to deter the spread of the 2019nCoV coronavirus.
The company employs about 12,200 people in the region. Although the casinos were ordered closed for 15 days period that beginning February 5, Wynn CEO Matt Maddox said last week that it was too early to predict when they would reopen.

“The team on the ground is working with the government on a daily basis and watching very carefully if there will be any continued outbreaks of the virus. So far, we feel like things are fairly well contained. And we’re just watching it very carefully.”

Maddox said his primary focus is the safety of employees and customers. The company halted operations at its casinos in Macau, but still has limited service in its hotels and restaurants for remaining guests.

Macau has become the breadbasket of the U.S. casino industry and the world’s largest gambling hub. Wynn gets as much as three fourths of its revenue from the Chinese enclave, while Las Vegas Sands Corp., the industry leader, generates more than 60%.

SOURCE: Macau Daily Times