Wynn Resorts Ltd (WYNN) Misses Q3 EPS by 73c, Revenues Miss

Wynn Resorts Ltd (NASDAQ: WYNN) reported Q3 EPS of $0.17, $0.73 worse than the analyst estimate of $0.90. Revenue for the quarter came in at $1.65 billion versus the consensus estimate of $1.67 billion.

"We delivered solid financial results in the third quarter, despite negative hold impact in both Macau and Las Vegas," said Matt Maddox, CEO of Wynn Resorts, Limited. "In Macau, the investments we have made position us well to compete in any market environment, as evidenced by record mass table win in the quarter. Our strategy at Wynn Las Vegas continues to bear fruit as we increased market share in our domestic gaming business and drove nearly 4% year-on-year growth in RevPAR. During our first full quarter of operations at Encore Boston Harbor, we have been particularly pleased with the strength of our table games business and we are encouraged by the opportunity to drive growth at the property over the next several years."

"On the development front, we are on track to launch the renovated West Casino at Wynn Macau beginning in late 2019, further solidifying the property as the peninsula's marquee integrated resort. In Las Vegas, our 430,000 square foot group space expansion is on schedule to open in the first quarter of 2020 and feedback from meeting planners has been very encouraging. Importantly, we were pleased to be certified as the only casino resort in Las Vegas as a 'Great Workplace' by the analysts at Great Place to Work® highlighting the advancements we have made in our corporate culture over the past eighteen months. We are excited about the outlook for the Company and we will continue to focus on leveraging our premium-focused business model to drive long-term returns for shareholders."

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

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