The figures were weaker than Wall Street analysts had estimated.
In addition, Wynn Resorts said that its online gaming division, Wynn Interactive, would go public in a merger with a special-purpose-acquisition company, Austerlitz Acquisition I. AUS.
The casino industry, like just about everything else in the economy, is recovering from the coronavirus pandemic, which started in March 2020 and prevented operation of most facilities that required lots of people to gather in close quarters.
Wynn Resorts' quarterly loss was $2.53 a share, compared with $3.77 a share in the year-earlier quarter. The latest adjusted loss was $2.41 a share. Shares outstanding rose 4.1% to 111 million.
Revenue fell to $725.8 million from $953.7 million.
A survey of analysts by FactSet produced consensus estimates of a GAAP net loss of $1.98 a share, or an adjusted loss of $2.02 a share, on revenue of $758 million.
At last check Wynn Resorts shares were trading up 1.8% at $128. They closed the regular Monday trading session off 0.4% at $125.73. The stock touched a 52-week high near $144 on March 15.
The “results reflect continued progress in our business as consumers began to once again travel to their favorite leisure and gaming destinations," Chief Executive Matt Maddox said in a statement.
The Wynn Las Vegas casino continued strong, "forward bookings in the leisure segment improved throughout the quarter," and Macau saw ”continued gradual improvement in visitation trends,” the executive said.
As for Wynn Interactive combining with Austerlitz I, Wynn expects the combined company to go public on Nasdaq under the symbol WBET.
Terms of the deal will give the new company $640 million to fund operations.
Wynn Interactive offers casino and sports-betting mobile options in the U.S. and U.K. through its WynnBET, BetBull and WynnSlots brands.
The company currently has market access to 15 states covering some 51% of the U.S. population and expects soon to gain access to additional states, giving it access to 77% of Americans.
Wynn said on April 30 that WynnBET had opened its mobile sports book in Tennessee. The app is also live in Colorado, Indiana, Michigan, New Jersey and Virginia.
And the company said WynnBET had market-access opportunities in Illinois, Iowa, Massachusetts, Nevada, Ohio and Pennsylvania, subject to legalization and regulatory clearances in each of the states.
The boards of Wynn Resorts and Austerlitz I have approved the terms. The deal is expected to close this year, subject to conditions including regulatory clearances and a vote of Austerlitz I holders.
At last check, Austerlitz I shares were trading up 3.2% at $10.20. They'd closed the regular Monday trading session off 0.3% at $9.89.
SPACs, or blank-check companies, are formed for the express purpose of finding and merging with an operating partner. The idea is to speed the operating company to the public markets and avoid the extended process of a traditional initial public offering.
On April 6, Argus Research upgraded Wynn to buy from hold with a price target of $160.
Barron's reported that Argus analyst John Staszak was optimistic about Wynn's properties in Las Vegas, Boston and Macau.
"The rollout of coronavirus vaccines and increased leisure travel" will boost Wynn's fortunes in Las Vegas and Boston, the analyst wrote.
And Seeking Alpha quoted Staszak as saying that Wynn should benefit as Macau recovers.