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Wynn Misses Estimates

Casino operator Wynn Resorts Ltd. posts fourth-quarter loss.
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Wynn Resorts Ltd.   (WYNN) - Get Free Report reported financial results for the fourth quarter that missed analyst projections after the bell Thursday.

The casino and hotel operator posted an adjusted loss of 62 cents a share on revenue of $1.65 billion. The company had been expected to report a profit of 92 cents a share, on sales of $1.7 billion based on a FactSet survey of 15 analysts.

"We delivered solid financial results in the fourth quarter of 2019, growing adjusted property EBITDA nearly 12% sequentially compared to the third quarter," Matt Maddox, CEO of Wynn Resorts, said in a statement.

The release offered no commentary on the impact of the coronavirus outbreak in China, which has forced a two-week closure of casinos in Macau, the company’s largest market.

Shares of Wynn fell sharply in January as the scale of the coronavirus outbreak became clearer. The shares lost 21% from a high of $153.41 in mid-January to the low $120s. Shares have rebounded slightly since then, ending Thursday’s regular session at $134.19. 

The stock edged higher to $135 in after-hours trading Thursday.