FMP
Wynn Resorts Plunges 7% Despite Q3 Beat & Labor Deal With Hospitality Workers
Nov 10, 2023 4:08 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 6:49 PM)
Image credit: FMP
Wynn Resorts (NASDAQ:WYNN) saw its shares drop by over 7% intra-day today, despite reporting third-quarter results that exceeded expectations, as well as hospitality workers reaching a tentative labor deal with the company, averting a potential strike at the casino. However, investors remained concerned about the inconsistent recovery in the crucial Macau region.
The company's earnings per share (EPS) for the quarter were $0.99, surpassing the Street estimate of $0.74. Additionally, Wynn Resorts experienced a significant year-over-year revenue increase of 87.9%, reaching $1.67 billion, which was higher than the Street estimate of $1.58 billion.
CEO Craig Billings expressed excitement about the company's performance. He highlighted the outstanding results from Wynn Las Vegas and Encore Boston Harbor, which set a new record for adjusted Property EBITDAR in the third quarter.
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