(Reuters) -Casino operator Wynn Resorts missed second-quarter profit expectations on Thursday, owing to sluggish Macau business. Shares of the company were down 2% in extended trading. The operator of Wynn Palace and Wynn Macau properties, saw a 9.5% fall in adjusted property operating profit from its Macau operations at $253 million, compared to $280 million […]
Business
Wynn misses quarterly estimates on weak Macau business
Audio By Carbonatix
(Reuters) -Casino operator Wynn Resorts missed second-quarter profit expectations on Thursday, owing to sluggish Macau business.
Shares of the company were down 2% in extended trading.
The operator of Wynn Palace and Wynn Macau properties, saw a 9.5% fall in adjusted property operating profit from its Macau operations at $253 million, compared to $280 million a year ago.
However, last week, peer casino operators Las Vegas Sands and MGM Resorts reported strength in their Macau businesses.
Wynn said VIP hold negatively impacted results in Macau.
“We are making progress towards the completion of our Wynn Al Marjan Island project in the UAE, where we are pouring the sixty-first floor of the tower, having finalized key food and beverage partnerships, and agreed to key terms with a number of high profile retail tenants,” said CEO Craig Billings.
Wynn’s board also announced a dividend of 25 cents per share.
Its quarterly adjusted profit of $1.09 per share came below Wall Street expectations of $1.21 per share, according to data compiled by LSEG.
The company’s total revenue for the quarter ended June 30 came in at $1.74 billion, compared with estimates of $1.75 billion.
(Reporting by Anshuman Tripathy in Bengaluru; Editing by Alan Barona)