Wynn Resorts Ltd (WYNN) Tops Q1 EPS by 1c, Revenues Miss

Wynn Resorts Ltd (NASDAQ: WYNN) reported Q1 EPS of $1.61, $0.01 better than the analyst estimate of $1.60. Revenue for the quarter came in at $1.65 billion versus the consensus estimate of $1.66 billion.

• Operating revenues were $1.65 billion for the first quarter of 2019, a decrease of 3.7%, or $64.0 million, from $1.72 billion for the first quarter of 2018. Operating revenues increased $60.8 million at Wynn Palace and decreased $94.4 million and $30.5 million at Wynn Macau and our Las Vegas Operations, respectively.
• On a U.S. generally accepted accounting principles ("GAAP") basis, net income attributable to Wynn Resorts, Limited was $104.9 million, or $0.98 per diluted share, for the first quarter of 2019, compared to a net loss attributable to Wynn Resorts, Limited of $204.3 million, or $1.99 per diluted share, in the first quarter of 2018.
• The change was primarily due to a litigation settlement of $463.6 million, partially offset by an income tax benefit of $111.0 million, recorded in the first quarter of 2018.
• Adjusted net income attributable to Wynn Resorts, Limited (1) was $172.6 million, or $1.61 per diluted share, for the first quarter of 2019, compared to $237.0 million, or $2.30 per diluted share, for the first quarter of 2018.
• Adjusted Property EBITDA (2) was $494.8 million for the first quarter of 2019, a decrease of 12.3%, or $69.6 million, from $564.3 million for the first quarter of 2018.
• Adjusted Property EBITDA increased $10.7 million at Wynn Palace and decreased $45.9 million and $34.3 million at Wynn Macau and our Las Vegas Operations, respectively.
• Wynn Resorts, Limited also announced today that the Company has approved a cash dividend of $1.00 per share, payable on May 30, 2019 to stockholders of record as of May 22, 2019.

For earnings history and earnings-related data on Wynn Resorts Ltd (WYNN) click here.

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