Wynn Earnings Fall, But Top Estimates

Wynn Resorts (WYNN) reported third-quarter earnings that blew away analysts’ forecasts but the casino operator’s stock fell modestly in the premarkets Tuesday.

Las Vegas-based Wynn said its net income fell to 28 cents per share last quarter from 49 cents a share a year ago. However, Wynn’s non-GAAP profit of 33 cents per share was well above analysts’ projections for EPS of 15 cents.

Wynn, which owns casinos in Las Vegas and Macau, said its revenue climbed to $773.1 million last quarter, compared to $769.2 million a year ago and the Street’s view of $732.1 million.

After initially rallying on the better-than-expected results, Wynn’s shares headed south in the premarkets and was recently down 0.75% to $63.07. The company’s stock has surged 88% from a year ago.