LAS VEGAS (AP) — Wynn Resorts Ltd. (WYNN) on Wednesday reported a first-quarter loss of $402 million, after reporting a profit in the same period a year earlier.
The Las Vegas-based company said it had a loss of $3.77 per share. Losses, adjusted for non-recurring costs, were $3.54 per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for a loss of $1.05 per share.
The casino operator posted revenue of $953.7 million in the period, which also did not meet Street forecasts. Five analysts surveyed by Zacks expected $1.09 billion.
Wynn shares have decreased 43% since the beginning of the year, while the Standard & Poor's 500 index has decreased 12%. In the final minutes of trading on Wednesday, shares hit $79.25, a drop of 44% in the last 12 months.