Wynn Resorts Misses Q1 Earnings Estimates, Shares Slide

Wynn Resorts, Ltd (NASDAQ:WYNN) reported first-quarter financial results Tuesday after the bell. Here’s a rundown of the report.

• Q1 Revenue: $1.7 billion, versus estimates of $1.74 billion

• Q1 Adjusted EPS: $1.07, versus estimates of $1.19

Total revenue was down from $1.86 billion in the first quarter of 2024. Operating revenue at Wynn Macau fell $81.8 million in the quarter, Wynn Palace revenue declined $51 million, Las Vegas revenue dropped $11.3 million and Boston Harbor revenue was down $8.6 million.

Wynn Resorts ended the quarter with $2.07 billion in cash and cash equivalents, as well as $10.55 billion in current and long-term debt outstanding.

“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. In Macau, while VIP hold negatively impacted results, we held market share in our expected range, and announced an increased dividend from Wynn Macau, Limited, reflecting the strong free cash flow generated by the business,” said Craig Billings, CEO of Wynn Resorts.

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Wynn noted that it repurchased $200 million worth of its stock during the quarter, and had $613 remaining under its buyback as of March 31. The company’s board also declared a cash dividend of 25 cents per share, payable on May 30 to shareholders of record as of May 16.

Wynn highlighted progress at its growth project in the United Arab Emirates, Wynn Al Marjan Island. The company said it continued to advance construction in the quarter with progress reaching the 47th floor.

Wynn executives are currently discussing the quarter on a conference call that kicked off at 4:30 p.m. ET.

WYNN Price Action: Wynn Resorts shares were down 2.42% in extended trading on Tuesday, trading at $81.50 at the time of publication, according to Benzinga Pro.

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