Wynn Projects Lower Revenue From Macau Operations

Wynn Resorts Ltd. late Tuesday said it expects first-quarter revenue from its Macau operations to drop to a range of $603 million to $613 million, compared with $705.4 million a year earlier. Adjusted property earnings before interest, taxes, depreciation and amortization, a metric commonly used by gaming companies, is projected to slip to $187 million to $195 million versus $212.3 million in the first quarter of 2015. Revenue for its Las Vegas operations is estimated to come in at $384 million to $394 million, compared with $386.9 million a year earlier. Adjusted property EBITDA is forecast at $105 million to $113 million, compared with $110.7 million in the first quarter of 2015. The casino and hotel operator is scheduled to release its quarterly earnings on April 19. Analysts surveyed by FactSet are projecting Wynn to report first-quarter earnings of 78 cents a share on revenue of $1 billion. Shares of Wynn were mostly flat in the extended session after closing down 2.7% to $90.92.