Casino stocks were trading mostly lower Wednesday morning after Wynn Resorts, Limited WYNN announced its preliminary first-quarter results.
Wynn Resorts reported preliminary first-quarter revenue from its operations in Macau to be $603 million to $613 million – marking a decrease from the $705.4 million it reported a year ago. The company expects its adjusted EBITDA for the region to be in a range of $187 million to $195 million, also marking a decrease from the $212.3 million it earned a year ago.
The company also said revenues from its Las Vegas operations for the first quarter are expected to be in a range of $384 million to $394 million, compared to $386.9 million a year ago. Adjusted EBITDA for the region is expected to be between $105 million and $113 million in the first quarter, compared to $110.7 million a year ago.
Shares of Wynn Resorts were trading nearly flat 90 minutes ahead of the opening bell. Shares of MGM Resorts International MGM experienced a larger sell-off as shares were lower by more than 2 percent.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.