Wynn Resorts (WYNN) Shares Dip After Hours Despite Q1 Earnings Beat

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Wynn Resorts, Limited (NASDAQ:WYNN) reported its latest quarterly results after the bell Tuesday, topping analysts’ expectations.

Wynn Resorts (WYNN)The company brought in first-quarter revenue of $1.72 billion, rising 20.5% compared to the year-ago period thanks in part to its Macau-based Wynn Palace and Wynn Macau resorts, as well as its business in Las Vegas, both of which saw their sales increase. Analysts were calling for revenue of $1.709 billion.

On the earnings front, Wynn Resorts brought in $2.30 per share on an adjusted basis, topping the Wall Street consensus estimate of $1.96 per share. The company’s Macau gaming sales rose during the quarter, topping expectations in January and March, but missing the mark in February.

During the company’s fourth quarter, its earnings nearly tripled on gaming results from the Macau region, the only place in China where gambling is legal. Wynn Resorts recently approved a 75-cent per-share cash dividend that will be payable May 29 to shareholders of record as of May 17, which would mark a 50% increase from the prior quarter.

The company says the move reflects “ongoing strength and stability across our operations.” Wynn Resorts is reportedly considering buyout offers in lieu of sexual misconduct allegations against founder Steve Wynn, which has led to his departure as CEO of the company.

WYNN shares fell 1.7% during regular trading hours and fell a further 0.5% after the bell Tuesday.


Article printed from InvestorPlace Media, https://investorplace.com/2018/04/wynn-resorts-wynn/.

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