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Investing.com -- Wynn Resorts Limited (NASDAQ:WYNN) reported first-quarter earnings that fell short of analyst expectations, sending shares down 4.2% in after-hours trading.
The casino operator posted adjusted earnings per share of $1.07, missing the analyst consensus of $1.31. Revenue for the quarter came in at $1.7 billion, below estimates of $1.75 billion and down 8.7% from $1.86 billion in the same quarter last year.
Wynn’s results were impacted by weakness in its Macau operations, where VIP table games win percentages fell below expected ranges at both Wynn Palace and Wynn Macau (OTC:WYNMF) properties. Operating revenues decreased across all of the company’s properties compared to Q1 2024.
"Our first quarter results reflect continued strength throughout our business," said Craig Billings, CEO of Wynn Resorts. "In Las Vegas, where we recently celebrated the resort’s 20th anniversary, the team delivered healthy results against a record prior year comparison which reflected the Las Vegas Super Bowl."
Adjusted Property EBITDAR, a key metric for casino operators, fell to $532.9 million from $646.5 million in the prior-year quarter.
The company continued to return capital to shareholders, repurchasing $200 million of stock during the quarter and declaring a quarterly cash dividend of $0.25 per share.
Despite the earnings miss, Wynn highlighted progress on its growth projects, including construction of Wynn Al Marjan Island in the UAE, which is expected to open in 2027.