Casino operator Wynn Resorts posted an adjusted fourth-quarter loss wider than analysts’ estimates, and the stock was falling Wednesday.
Wynn (ticker: WYNN) also agreed to sell the land and real estate assets of Encore Boston Harbor to Realty Income
(O) for $1.7 billion in cash. Wynn will continue to operate the property.
The stock fell 2.4% to $93.95 on Wednesday. It has risen 10.5% year to date.
Wynn reported an adjusted loss in the period of $1.37 a share vs. a loss of $1.23 a share expected by analysts surveyed by FactSet. Revenue of $1.05 billion rose 53.5% from year-earlier revenue of $686 million, and was higher than Wall Street estimates of $994.1 million.
Fourth-quarter revenue at the company’s Las Vegas operations was $493.9 million vs. $172.5 million a year earlier and higher than forecasts of about $458 million. Wynn Palace in Macau reported revenue of $194 million, down 12.4% from last year. Wynn Macau revenue declined 27.6% to $131.7 million.
Analysts at J.P. Morgan, which rate Wynn shares at Neutral, said the quarter was “about as we expected (very solid in Las Vegas, excluding low table hold impact, and Boston) and soft in Macau SAR … the latter reflecting limited travel mobility given China’s near-zero Covid-19 tolerance policy.”
Shares of Wynn competitors Las Vegas Sands (LVS) and MGM Resorts (MGM) were trading lower Wednesday.
Write to Joe Woelfel at [email protected]
