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Wynn Resorts 1Q earnings beat, but revenue miss estimates

Sales rose 20% but came in lighter than Wall Street analyst expectated

A Wynn Resorts property
Shares of the casino operator slipped in extended trade

Shares of Wynn Resorts Limited (NASDAQ:WYNN) slipped in extended hours on Tuesday after the casino operator reported mixed first-quarter earnings, with revenue that missed analyst expectations.

Wynn Resorts posted first-quarter earnings of US$2.30 per share on revenue of US$1.7bn. The consensus earnings estimate was $1.96 per share, while the Earnings Whispers number was $2.01 per share.

Revenue, while up 20%, was just shy of projections, according to Bloomberg. Total revenue for the quarter rose to $1.72 billion, compared with analysts’ estimates of $1.75 billion.

Wynn Resorts traded 1.1% lower to US$188 after hours.

The New York Post reported earlier this month that Wynn Resorts could be in play as an acquisition for rival MGM Resorts International (NYSE:MGM).

Two months after allegations of sexual misconduct surfaced, 76-year-old Steve Wynn sold his stake in the casino company that bears his name. Wynn was locked in an ugly, years-long courtroom battle with his ex-wife, Elaine Wynn, which unearthed sordid allegations of sexual misconduct and rape against the King of Las Vegas.

Quick facts: Wynn Resorts

Price: 104.83 USD

Market: NASDAQ
Market Cap: $11.31 billion

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