{"id":119100,"date":"2019-11-06T16:09:24","date_gmt":"2019-11-07T00:09:24","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=119100"},"modified":"2019-11-06T17:01:10","modified_gmt":"2019-11-07T01:01:10","slug":"wynn-resorts-q3-results-as-expected-were-hindered-by-macau","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/wynn-resorts-q3-results-as-expected-were-hindered-by-macau\/","title":{"rendered":"Wynn Resorts Delivers Gloomy Q3 Results With Macau Providing Expected Disappointment"},"content":{"rendered":"

Wynn Resorts Ltd. (NASDAQ:WYNN) was volatile in Wednesday’s after-hours session, moving between losses and gains, after the company reported third-quarter results that came in well short of Wall Street expectations.<\/p>\n

\"\"
As expected, Macau was a big drag on Wynn Resorts’ third-quarter numbers. (Image: South China Morning Post)<\/figcaption><\/figure>\n

The operator of the Encore and the Wynn on the Las Vegas Strip reported a loss of three cents a share for the July through September period on revenue of $1.65 billion. That loss was on the basis of generally accepted accounting principles (GAAP). Analysts were expecting earnings of 83 cents per share on turnover of $1.67 billion. On a non-GAAP basis, the gaming company earned 17 cents, well below the 90 cents forecast by analysts.<\/p>\n

As was widely expected<\/a>, Macau was a drag on Wynn’s results. In September, the company slashed its adjusted property earnings before interest, taxes, depreciation and amortization (EBITDA) and revenue forecasts for July and August on the peninsula<\/a>, indicating that its third-quarter numbers in the world’s largest gambling hub would be weak.<\/p>\n

Operating revenues decreased $132.4 million and $105.3 million at Wynn Palace and Wynn Macau, respectively, from the third quarter of 2018,\u201d said the company in a statement.<\/p><\/blockquote>\n

In the third quarter, those two properties combined for $1.09 billion of the operator’s $1.65 billion in total operating revenue, underscoring the importance of the Special Administrative Region (SAR) to Wynn’s financial results.<\/p>\n

VIP Woes<\/h2>\n

Few, if any, of the major Macau players<\/a> are as levered to VIPs as is Wynn, and that sensitivity was on display in the most recently completed quarter.<\/p>\n

\n

Table games turnover in VIP operations was $10.52 billion, a 32.3 percent tumble from the year-earlier period, according to the company. While table game wins as a percentage among high-end gamblers on the peninsula was higher by almost 3.20 percent last quarter, the comparable metric among mass market players declined 9.2 percent.<\/p>\n<\/div>\n

Wynn remains committed to the peninsula and expects the renovated West Casino at Wynn Macau, one of its newest investments there, to be ready by the end of this year.<\/p>\n

Other Weak Spots<\/h2>\n

Macau wasn’t the only drag on Wynn’s September quarter results. The company said adjusted property EBITDA in Las Vegas fell 7.6 percent to $88 million, below the consensus estimate of $102 million. There are some signs that Wynn’s Strip business could pick up over the coming quarters as enhancements come online.<\/p>\n

\u201cOur 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 revenue per available room (RevPAR),\u201d said CEO Matt Maddox in a statement.<\/p>\n

Maddox added that the company’s 430,000 square-foot meeting space expansion is slated to open in the first quarter of next year, and that \u201cfeedback from meeting planners has been very encouraging.\u201d<\/strong><\/p>\n

The July through September time frame was the first full quarter of operation for Encore Boston Harbor, Wynn’s newest gaming property. Although that venue has become a leader among<\/a> New England casinos, it wasn’t immune from disappointing results. Third-quarter adjusted property EBITDA at that integrated resort was $7.7 million, missing the $15 million analysts expected.<\/strong><\/p>\n

As of this writing, Wynn shares were higher by 1.85 percent in after-hours trading. The stock is up more than 23 percent year-to-date.<\/p>\n","protected":false},"excerpt":{"rendered":"

Wynn Resorts Ltd. (NASDAQ:WYNN) was volatile in Wednesday’s after-hours session, moving between losses and gains, after the company reported third-quarter results that came in well short of Wall Street expectations. The operator of the Encore and the Wynn on the Las Vegas Strip reported a loss of three cents a share for the July through […]<\/p>\n","protected":false},"author":46,"featured_media":119102,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10],"tags":[],"acf":[],"yoast_head":"\nWynn Resorts Q3 Results, as Expected, Were Hindered by Macau<\/title>\n<meta name=\"description\" content=\"As was widely expected, Wynn Resorts' third-quarter results were punished by weakness in Macau. 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