Wynn Resorts Stock Plunges After Casino Operator’s Profit and Sales Miss Estimates

Shares of Wynn Resorts (WYNN) slumped Tuesday after the hotel and casino operator posted third-quarter results that missed analysts’ estimates as its Las Vegas operations slowed.

The company reported a third-quarter loss of 29 cents per share, or adjusted earnings of 90 cents per share, with both measures missing analysts’ estimates compiled by Visible Alpha. Revenue climbed 1.3% year-over-year to $1.69 billion, also short of forecasts.

Wynn’s Miss Comes as Las Vegas Operations Slow

Wynn’s weaker-than-expected results came as its Las Vegas operating revenue declined 1.9% to $607.2 million, and adjusted property earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) dropped 7.7% to $202.7 million.

The company had mixed results at its Macau properties, with operating revenue increasing 19.3% at Wynn Macau and declining 1% at Wynn Palace. It was 1.8% higher at Encore Boston Harbor.

Wynn noted that during the quarter it invested $18.2 million in its 40%-owned joint venture being built in the United Arab Emirates. CEO Craig Billings said the company is confident the Wynn Al Marjan Island resort “will be a ‘must see’ tourism destination in the UAE.”

Wynn Resorts shares were down nearly 10% in Tuesday afternoon trading and have lost over 5% of their value since the start of the year.