Wynn Resorts Misses Q1 Views, Shares Drop

Shares of

tumbled more than 10 percent in after-hours trading after the company reported downbeat Q1 results and lowered its dividend to $0.50 per share from $1.5 per share. The Las Vegas, Nevada-based company reported a quarterly loss of $44.6 million, or $0.44 per share, down from $226.9 million, or $2.22 per share, in the year-earlier quarter. Excluding items, the company's profit dropped to $0.70 per share from $2.32 per share. Its revenue slipped to $1.09 billion from $1.51 billion. However, analysts were projecting a profit of $1.30 per share on revenue of $1.17 billion. The average estimate among 21 Estimize users was for earnings of $1.45 per share and revenue of $1.24 billion. Adjusted property EBITDA dropped 34.7 percent year-over-year to $323.0 million from $494.6 million. At March 31, 2015, the company had $2.1 billion in total cash and investment securities balance. Its revenue from its Macau operations shrank 37.7 percent to $705.4 million. Average daily rates dropped 2.1 percent to $331 from $338, while occupancy shrank to 97.5 percent versus 98.1 percent. Revenue per available room declined 2.4 percent to $323 in the quarter, from $331 in the year-ago quarter. Table games turnover in the VIP segment declined 52.5 percent to $17.1 billion from $36.0 billion. Revenue from its Las Vegas operations gained 1.6 percent to $386.9 million. Room revenue slipped 3.3 percent to $99.6 million in the quarter, while the occupancy declined to 83 percent from 87.8 percent. REVPAR slipped 2.5 percent to $235 in the first quarter, from $241 reported in the year-ago quarter. Net casino revenue rose 4.2 percent year-over-year to $161.8 million. Wynn Resorts shares declined 10.52 percent to $116.75 in the after-hours trading session.