MACAU – Wynn Resorts in Macau is staying positive despite the temporary closure of its business due to the coronavirus outbreak.
We are not looking at cutting that at all. Now is the time you invest in your people, and you don’t do something short-term that will hurt the culture. We know this will be temporary, and we think it is the right long-term investment.– Wynn Resorts CEO Matt Maddox
Wynn Resorts CEO Matt Maddox has praised the Macau government for its support and remains confident that things will soon return to normal.
“We’re in daily conversations with the government, they’ve been extremely transparent, and they’ve been terrific partners with us as we focus on the safety of everyone in Macau,” said Mr Maddox.
Wynn Resorts’ Macau holdings comprise the Wynn Macau, the adjacent Wynn Encore tower and the Wynn Palace.
Mr Maddox, speaking during Wynn Resorts’ 2019 year-end earnings call last week, added that the majority of the group’s Macau costs are currently tied to roughly US$1.8 to US$1.9 million a day in payroll, and he asserted that the company has no plans to curb that spending.
“We are not looking at cutting that at all,” he explained. “Now is the
time you invest in your people, and you don’t do something short-term
that will hurt the culture. We know this will be temporary, and we think
it is the right long-term investment.”
He commended Macau officials for their decision to mandate a two-week shutdown of the city’s casinos earlier this month. Macau’s casino operators ceased operations at midnight on Feb. 5.