By Yasin Ebrahim
Investing.com — Wynn Resorts reported Wednesday a bigger third-quarter loss than expected as Covid-19 restrictions in the gambling mecca of Macau weighed on performance.
Wynn Resorts (NASDAQ:) fell more than 3% in afterhours trading.
The gambling operator an adjusted loss of $1.20 a share on revenue of $889.7 million, compared with estimates for a loss of $1.13 a share on revenue of $875.2M.
The wider loss was driven by Covid-19 restrictions that forced the company’s casino operations at Wynn Palace and Wynn Macau (OTC:) to close for a 12-day period in July 2022.
“The results of operations of our Macau Operations for the third quarter of 2022 continued to be negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic,” the company said.
Story Credit: investing.com