Wynn Resorts (NASDAQ: WYNN) has joined the rapidly growing list of organizations and companies putting a temporary kibosh on events with large crowds.
The casino resort operator announced late Thursday that it is canceling any scheduled gatherings in its U.S. facilities that fall under that category. This applies to all events that were to take place in its nightclubs, theaters, and buffets in both Las Vegas and its one resort in Boston.
In an additional measure, Wynn will be conducting temperature screening at every entrance to those resorts. It will effect this through the use of what it describes as "non-invasive" thermal cameras. Finally, the company is to establish sufficient space between patrons in its casino and restaurant spaces.
Wynn did not say how long these measures would be in effect; it only stated that they are temporary. Regardless, the company has pledged that it will do so "while still delivering the service levels our guests expect and deserve." As for its workforce, Wynn says it will continue to pay full-time workers who are employed in the affected spaces.
Wynn is being hit particularly hard by the rapid spread of the SARS-CoV-2 virus and the COVID-19 disease it causes. It has a significant presence in the Chinese gambling enclave of Macau, from where it derives almost 90% of its total revenue. An unprecedented, government-mandated shutdown of all Macau casinos turned off the lights for 15 days last month, depriving operations of many millions of dollars in revenue.
Wynn did not have a winning day on the stock market Thursday; its shares fell by almost 16% on the day.
10 stocks we like better than Wynn Resorts
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*
David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Wynn Resorts wasn't one of them! That's right -- they think these 10 stocks are even better buys.
*Stock Advisor returns as of December 1, 2019
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.