Wynn Resorts Limited (NASDAQ: WYNN), a leading hotel and casino operator, reported fourth quarter financial results for the period ended on December 26, 2015.
The quarterly results marked the Las Vegas based company`s quarterly revenue miss while beat the earnings estimates at the same time. Wynn reported a total net revenue at $946.9 million, down by 16.8% compared with the $1,138.0 million in the fourth quarter of 2014. The decline was mainly attributed to the 27.0% net revenue decrease from Wynn`s Macau Operations, suffered through a two-year slump in Chinese markets like other Macau hotel and casino operators. Against that was the 3.8% increase in net revenues from Las Vegas Operations. The quarterly earnings decrease to $1.03 per share compared with last year, yet beating Zacks Consensus Estimate of $0.74 by a massive 39.2%.
Although suffering a deep drought from the sharp decrease in the number of junket operators, the company plans to open its new casino in the Macau`s developing Cotai district on June 25, 2016. This $4.1 billion Wynn Palace is one of three new casinos expected to open in 2016, a new approach to increase its hotel occupancy and stabilization.
Wynn`s shares have fallen around 10 percent since the beginning of this year and almost 60 percent in the last 12 months. The earnings beat signals send Wynn`s shares jumped up to more than 13% in today`s morning trading.