Wynn Resorts’ stock falls 5% after Q3 results

Shares of Wynn Resorts Ltd.
WYNN,
-2.42%
dropped more than 5% in the extended session Thursday despite an earnings beat for the the hospitality company. Wynn lost $116.7 million, or $1.03 a share, compared with a loss of $142.9 million, or $1.27 a share, for the third quarter of 2022. Adjusted for one-time items, the company earned 99 cents a share. Revenue rose to $1.67 billion, from $889.7 million a year ago. Analysts polled by FactSet expected Wynn to report adjusted earnings of 74 cents a share on sales of $1.58 billion. “Our third-quarter results reflect continued strength across our property portfolio,” Chief Executive Craig Billings said in a statement. A recovery continued at its Macau property, “with particular strength in our mass gaming, luxury retail and hotel businesses,” he said.