Wynn Resorts Stock Plunges After Casino Operator's Profit and Sales Miss Estimates

Core Insights - Wynn Resorts shares fell significantly after the company reported third-quarter results that missed profit and sales forecasts, primarily due to a slowdown in Las Vegas operations [1][2] - The company reported a third-quarter loss of $0.29 per share, with adjusted earnings of $0.90 per share, both below analysts' expectations. Revenue increased by 1.3% year-over-year to $1.69 billion, but still fell short of forecasts [1][2] Financial Performance - Las Vegas operating revenue declined by 1.9% to $607.2 million, while adjusted EBITDAR dropped by 7.7% to $202.7 million [2] - Mixed results were observed in Macau, with operating revenue increasing by 19.3% at Wynn Macau, but declining by 1% at Wynn Palace. Encore Boston Harbor saw a 1.8% increase in revenue [2] Investments and Future Outlook - The company invested $18.2 million in a joint venture under construction in the UAE, which is expected to become a significant tourism destination according to CEO Craig Billings [2] - Wynn Resorts shares experienced a nearly 10% drop in trading and have lost over 5% of their value since the beginning of the year [2]