Wynn Resorts’ loss widens despite sales gain
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Casino operator Wynn Resorts Ltd. said its fourth-quarter loss widened, but its new Macao casino helped drive its adjusted results above Wall Street’s expectations.
The loss widened to $55.4 million, or 55 cents a share, because of a December special distribution to convertible debenture holders, from a year-earlier loss of $9.9 million, or 10 cents.
Excluding special items, Las Vegas-based Wynn Resorts said its earnings per share were 53 cents in the recent quarter, compared with analysts’ expectations of 47 cents, according to a Thomson Financial survey.
Revenue grew to $563.6 million from $269.4 million a year earlier, versus analysts’ expectations of $500.2 million.
Helping fuel the growth was the opening of Wynn Macau in September, with 220 tables, 80 slot machines and 600 hotel rooms. It generated $248.7 million in revenue during the quarter.
Wynn Resorts’ shares fell $4.48, or 4.5%, to $95.90.
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