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Macao's strength has allowed casino operator Wynn Resorts to achieve an optimized third quarter revenue, but this warning has been overturned by the warning of its biggest market since Golden Week in October .
Revenues grew more than 10% over the previous year to reach $ 1.71 billion in the three months ended September. That exceeded estimates for $ 1.66 billion, according to a survey of analysts conducted by Refinitiv.
The operating revenues of Wynn Palace and Wynn Macau, two properties of the former Portuguese colony and the only Chinese territory where casino games are legal, increased by 39.1% and 3.1% respectively. Las Vegas revenue decreased 14.1% to $ 398.9 million.
Matthew Maddox, general manager, told reporters that, even though China's week of gold week went well, "what we saw after Golden Week was a slowdown." He noted that since Golden Week, the week and the weekends were "pretty jerky" and that "the things we saw more recently are obscure".
Investors rushed to the title following his comments. Wynn shares, which initially traded up 3% after the results, reversed the trend and lost nearly 13%.
The Las Vegas-based company said its third quarter net profit was $ 219.8 million, or $ 1.44 a share, compared with $ 105.97 million or 78 cents a share in the same quarter of the same quarter. ;last year. Adjusting for one-time items, a profit of $ 1.68 per share missed expectations by a penny.
Wynn's shares had lost more than 32% so far at Wednesday's close.
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