Wynn Resorts (WYNN 57.13, -5.94) reported better-than-expected third quarter earnings, but the company continues to be slowed by lower occupancy at its resorts and more frugal gamblers at its tables.
Wynn Resorts reported third quarter earnings of $0.33 per share, excluding nonrecurring items, $0.18 better than the First Call consensus of $0.15.
Revenues rose 0.5% year-over-year to $773 million, topping the $743.1 million consensus. Third quarter results include the company's newest property, Encore at Wynn Las Vegas, which opened Dec. 22, 2008.
In Las Vegas, net casino revenues were $144.0 million, flat with the third quarter of 2008. Gross non-casino revenues were $225.0 million, a 17.9% increase, driven primarily by higher hotel and food and beverage revenues resulting from Encore. Revenue per available room (REVPAR) of $176 was down 32.6% year-over-year and occupancy was 83.9% compared to 96.1% the prior year.
Wynn Macau generated adjusted property EBITDA of $128.2 million, compared to $106.3 million in the third quarter of 2008.
Shares of WYNN are sliding nearly 9.5% about an hour after Tuesday's opening bell.
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