Wynn Resorts (NASDAQ: WYNN) posted a loss of US$32.1 million (A$48.75 million) in its third quarter on Monday.
In after-hours trading shares are down by over 3.6% as of 9:55 am (AEDT), Tuesday, November 5.
The luxury hotels and casino operator reported revenue of $1.69 billion for the quarter, a slight increase of 1.3% for the same period last year, but missing Wall Street’s expectations of $1.73 billion.
The Las Vegas-based company said it had a loss of 29 cents on a per-share basis and adjusted earnings were 90 cents per share, missing analyst consensus of $1.17 earnings per share.
Wynn reported gross margin of 42.3% down from 67.5% in the same quarter last year. Meanwhile, its net loss was $32.1 million down from $116.7 million a year ago.
The company saw mixed results across its portfolio. Wynn Macau revenue gained 19.3% to $352 million compared to the same time last year, while Wynn Palace revenue fell 0.9% to $519.8 million and its Las Vegas Operations revenue dropped 1.9% to $607.2 million.
The company has declared a cash dividend of $0.25 per share.
Despite the results the company claimed there was strong demand across its resorts.
Chief Executive Craig Billings said: "Importantly, we are also continuing to invest in growing the business with construction on Wynn Al Marjan Island rapidly advancing. We are confident the resort will be a 'must see' tourism destination in the UAE and expect that it will support strong long-term free cash flow growth.”
The Board said it increased its share repurchase plan to $1 billion. Wynn Resorts' market cap is approximately $10.53 billion.