Wynn Resorts Q1 Results Miss Estimates; Cuts Dividend

(RTTNews) - Wynn Resorts, Ltd. (WYNN) reported a net loss for the first quarter of $44.6 million or $0.44 per share, compared to net income of $226.9 million or $2.22 per share for the year-ago quarter.

Excluding items, adjusted net income for the first quarter was $70.5 million or $0.70 per share, compared to $236.7 million or $2.32 per share in the prior year quarter.

Net revenues for the first quarter fell to $1.09 billion from $1.51 billion a year ago.

Analysts polled by Thomson Reuters expected the company to earn $1.33 per share on revenue of $1.17 billion for the first quarter. Analysts' estimates typically exclude special items.

Wynn Resorts also said that it has approved a cash dividend of $0.50 per share, a reduction from its previous quarterly dividend of $1.50 per share. This dividend will be payable on May 21 to shareholders of record on May 115.