Wynn Resorts drops 5% despite Q3 beat
Wynn Resorts (NASDAQ:WYNN) shares fell more than 5% after-hours despite the company reporting better-than-expected Q3 results.
EPS for the quarter came in at $0.99, compared to the consensus estimate of $0.74. Revenue grew 87.9% year-over-year to $1.67 billion, compared to the consensus estimate of $1.58B.
CEO Craig Billings commented on the results with enthusiasm, noting the exceptional performance at Wynn Las Vegas and Encore Boston Harbor, which set a new third-quarter record for adjusted Property EBITDAR.
“In Macau, the recovery continued to progress during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses. On the development front, construction on Wynn Al Marjan Island is well underway, and we are confident the resort will be a 'must see' tourism destination in the UAE," added Billings.
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