5/5/2016, 10:45 PM (Source: TeleTrader)
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Wynn Resorts reports lower revenues, EPS of $0.74

Wynn Resorts Limited reported first quarter net revenues of $997 million, or $0.74 per diluted share. That compares to $1.09 billion in the same quarter a year ago, and the entertainment and leisure company said the decline was mainly caused by a 13.8% decrease in its Macau division.

GAAP-adjusted net income was $75.2 million, or $0.74 per diluted share, up from $44.6 million, or $0.44 per diluted share in the same period a year ago.

Macau operations brought in net revenue of $608 million, down 13.8% compared to the first quarter a year ago. Table games turnover in VIP segment fell by 21.4%. Slot machine revenues increased 5.5%, while non-casino revenues fell 13.2%.

In Las Vegas, net revenues inched up 0.7% to $389 million, from $387 million a year ago. Table games also dropped in the desert city by 17.2%, and slot machine dropped 5.9%. Room revenues increased 5.5% to $105 million during the quarter, with occupancy falling to 81.7% from 83% a year ago. Food and beverage revenues were down 3.1%.

Total debt outstanding at the end of the quarter was $9.41 billion, including $4.20 billion of Macau debt, $3.17 billion of Wynn Las Vegas debt and $2.04 billion of debt at the parent company and other, according to earnings report.

The company declared dividends per common share of $0.50, down from $1.50 a year ago.

The Las Vegas, Nevada-based hotel and gaming company's shares last closed down 1.76% at $89.62, after rising almost 30% year-to-date. After-market activity pointed towards price of $90.30 per share by 10:38 p.m. CET.

Breaking the News / ZR