Wynn Resorts Ltd (WYNN) Misses Q3 EPS by $3.13, Revenues Miss

Wynn Resorts Ltd (NASDAQ: WYNN) reported Q3 EPS of ($7.10), $3.13 worse than the analyst estimate of ($3.97). Revenue for the quarter came in at $370.5 million versus the consensus estimate of $430.61 million.

"We are encouraged by the progress we have made in each of our properties over the past several months, despite the ongoing impact of the virus and related operating limitations," said Matt Maddox, CEO of Wynn Resorts, Limited. "Encore Boston Harbor delivered record quarterly EBITDA during the third quarter, while Wynn Las Vegas continued to experience strong leisure demand on weekends with solid hotel occupancy and casino play. In Macau, visitation restrictions have begun to gradually and thoughtfully ease, allowing us to achieve EBITDA break-even in October. We are confident that Macau will continue to benefit from the return of consumer demand as we head into 2021.

"On the development front, we have made substantial progress advancing Wynn Interactive, our majority owned sports betting and online gaming subsidiary. During the third quarter, we launched online sports and casino offerings in New Jersey to an encouraging initial customer response. Beyond New Jersey, we have secured market access in numerous other states, and are in the process of applying for licenses on a standalone basis in Tennessee and Virginia. We are also in discussions with potential partners regarding additional access agreements in other jurisdictions. Our nationally-recognized brand and unique product-led strategy position us well to generate our fair share of this important, fast-growing business over the coming years."

For earnings history and earnings-related data on Wynn Resorts Ltd (WYNN) click here.

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