Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Wynn Resorts reports wider q3 loss as covid lockdowns in Macau bite

Published 11/09/2022, 04:34 PM
Updated 11/09/2022, 04:59 PM
© Reuters.

By Yasin Ebrahim

Investing.com -- Wynn Resorts reported Wednesday a bigger third-quarter loss than expected as Covid-19 restrictions in the gambling mecca of Macau weighed on performance. 

Wynn Resorts (NASDAQ:WYNN) fell more than 3% in afterhours trading. 

The gambling operator reported an adjusted loss of $1.20 a share on revenue of $889.7 million, compared with estimates for a loss of $1.13 a share on revenue of $875.2M.  

The wider loss was driven by Covid-19 restrictions that forced the company's casino operations at Wynn Palace and Wynn Macau (OTC:WYNMF) to close for a 12-day period in July 2022.

"The results of operations of our Macau Operations for the third quarter of 2022 continued to be negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic," the company said. 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.