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Wynn Results -3% after weak numbers from Macau

Nov. 06, 2019 4:25 PM ETWynn Resorts, Limited (WYNN) StockBy: Clark Schultz, SA News Editor19 Comments
  • Wynn Resorts (NASDAQ:WYNN) trades lower after Macau results for Q3 arrive weak amid macro-related issues.
  • Revenue down 18.8% for the Wynn Palace and 18.2% for the Wynn Macau property, while revenue was flat for the Las Vegas segment.
  • Adjusted EBITDA for the Las Vegas Local segment was down 7.6% to $88M vs. $102M consensus, while the Macau segment saw more than a 20% EBITDA decline for both Wynn Palace and Wynn Macau.
  • Encore Boston chipped in with revenue of $176M and adjusted property EBITDA of $7.7K vs $15M consensus.
  • CEO update: "In Macau, the investments we have made position us well to compete in any market environment, as evidenced by record mass table win in the quarter. Our 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 RevPAR. During our first full quarter of operations at Encore Boston Harbor, we have been particularly pleased with the strength of our table games business and we are encouraged by the opportunity to drive growth at the property over the next several years."
  • Shares of Wynn are down 3.17% in AH trading to $118.80.
  • Previously: Wynn Resorts EPS misses by $0.73, misses on revenue (Nov. 6)

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