Wynn Resorts shares fall 3% as Q3 earnings, revenue miss estimates

LAS VEGAS - Wynn Resorts Ltd (NASDAQ:WYNN ) reported third quarter results that fell short of analyst expectations, sending shares down 3% in after-hours trading on Monday.

The casino operator posted adjusted earnings per share of $0.90, missing the consensus estimate of $1.04. Revenue came in at $1.69 billion, below the $1.73 billion analysts were expecting.

While revenue increased slightly from $1.67 billion in the same quarter last year, net loss attributable to Wynn Resorts widened to $32.1 million compared to a loss of $116.7 million a year ago.

The company saw mixed results across its properties. Wynn Macau (OTC:WYNMF ) revenue rose 19.3% YoY to $352 million, but Wynn Palace revenue dipped 0.9% to $519.8 million. Las Vegas Operations revenue declined 1.9% to $607.2 million.

"Our third quarter results reflect healthy demand across our resorts highlighted by strong mass gaming win in Macau and solid non-gaming performance in Las Vegas," said CEO Craig Billings.

The company announced its board has increased its share repurchase authorization to $1 billion. Wynn Resorts also declared a quarterly cash dividend of $0.25 per share.

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Source: Investing.com