Wynn Resorts Reports Disappointing Quarterly Earnings

Wynn Resorts (NASDAQ: WYNN) announced quarterly profits and revenues that fell short of Wall Street expectations on Monday. The sluggish casino business in Las Vegas contributed to a 2.8% drop in shares during extended trading.

Revenue from Las Vegas operations decreased by 1.9%, totaling $607.17 million. This decline was primarily due to a 13.6% year-over-year drop in casino revenue, though it was somewhat mitigated by a 20% increase in revenue from entertainment, retail, and other sales.

Last week, rival MGM Resorts (NYSE: MGM) also reported disappointing sales from its Las Vegas casinos, citing a decline in "high-end bulk business" in the third quarter. MGM noted, "The timing of the trips from these largest customers is not, of course, our choice and so some of that just didn't fall in this third quarter as we would have expected it to," during their post-earnings call.

Wynn's total revenue for the third quarter reached $1.69 billion, falling short of analysts’ average estimate of $1.73 billion, as per data compiled by LSEG. The company also reported a quarterly adjusted profit per share of 90 cents, which was below Wall Street's projected earnings of $1.10.

Summary

Wynn Resorts' earnings fell short of expectations due to declining Las Vegas casino revenue, resulting in a drop in shares and missing profit projections.