Investor Alert

May 6, 2020, 4:47 p.m. EDT

Wynn Resorts stock falls after revenue drops nearly 50% amid coronavirus pandemic

Casino company’s losses grow to more than $400 million in first quarter

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By Max A. Cherney

The Wynn hotel-casino in Las Vegas.

Wynn Resorts Ltd. shares fell 2.8% in the extended session Wednesday after the company reported that it swung to a first-quarter loss of nearly a half a billion dollars amid falling revenue.

Wynn /zigman2/quotes/208845907/composite WYNN +1.01%  reported a first-quarter net loss attributable to shareholders of $402 million, which amounts of $3.77 a share, versus a net income $104.9 million, or 98 cents, a year ago. Adjusted for property charges and noncontrolling interests, among other items, losses were $3.54 a share.

Revenue fell to $953.7 million, from $1.65 billion in the year-ago period.

Analysts polled by FactSet had expected adjusted losses of $1.20 a share on sales of $1.02 billion.

Wynn said it had suspended its dividend because of the financial impact of the coronavirus pandemic.

The company said it plans to continue to pay its staff members salaries and benefits through May and produced a plan in April to re-open its casinos and resorts safely. As of March 31, Wynn said it had cash and equivalents totalling $2.89 billion.

Wynn stock has fallen 44% in the past year, as the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.20%   has fallen 2.2%.

US : U.S.: Nasdaq
$ 86.67
+0.87 +1.01%
Volume: 3.26M
Aug. 13, 2020 4:00p
P/E Ratio
Dividend Yield
Market Cap
$9.25 billion
Rev. per Employee
-6.92 -0.20%
Volume: 1.96B
Aug. 13, 2020 5:10p

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