Wynn Resorts' Q3 Earnings and Revenue Fall Short of Expectations

Wynn Resorts, trading under NASDAQ:WYNN, fell short of Wall Street analysts' expectations with its earnings and revenue figures for the third quarter. The company’s performance was particularly affected by weak casino operations in Las Vegas, leading to a 2.8% decline in its stock during after-hours trading on Monday.

Revenue from Wynn’s Las Vegas operations decreased by 1.9% to $607.17 million. A significant factor behind this drop was a 13.6% year-over-year decline in casino revenues. However, a positive development was a 20% increase in sales from entertainment, retail, and other non-gaming sectors.

The downturn in Las Vegas mirrors the experiences of MGM Resorts, traded under NYSE:MGM, which reported lower sales from Vegas casinos last week. MGM attributed its decline to the loss of "high-level group business" in the third quarter, noting that the timing of visits from large clients was beyond their control and unfortunately did not align with expectations in the third quarter.

For Wynn Resorts, total revenue for the quarter was reported at $1.69 billion, falling short of the average estimate of $1.73 billion compiled by LSEG. Additionally, the company's adjusted earnings per share for the quarter were $0.90, which did not meet the analysts' forecast of $1.10 per share.