Disappointing Guidance Out Of Wynn Weighing On Casino Stocks

Casino stocks were trading mostly lower Wednesday morning after Wynn Resorts, Limited WYNN announced its preliminary first-quarter results.

Wynn Resorts reported preliminary first-quarter revenue from its operations in Macau to be $603 million to $613 million – marking a decrease from the $705.4 million it reported a year ago. The company expects its adjusted EBITDA for the region to be in a range of $187 million to $195 million, also marking a decrease from the $212.3 million it earned a year ago.

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The company also said revenues from its Las Vegas operations for the first quarter are expected to be in a range of $384 million to $394 million, compared to $386.9 million a year ago. Adjusted EBITDA for the region is expected to be between $105 million and $113 million in the first quarter, compared to $110.7 million a year ago.

Shares of Wynn Resorts were trading nearly flat 90 minutes ahead of the opening bell. Shares of MGM Resorts International MGM experienced a larger sell-off as shares were lower by more than 2 percent.