Wynn Resorts (NASDAQ: WYNN) shares fell Wednesday on reporting second-quarter numbers.
Net revenues were $1.53 billion for the second quarter of 2017, an increase of 44.5%, or $470.9 million, from $1.06 billion for the same period of 2016. The increase was the result of $414.7 million from Wynn Palace, which opened in the third quarter of 2016, and increases of $43.4 million and $12.9 million from Wynn Macau and our Las Vegas Operations, respectively.
On a U.S. generally accepted accounting principles ("GAAP") basis, net income was $74.9 million, or $0.73 per diluted share, an increase of 6.4%, or $4.5 million, from $70.4 million, or $0.69 per diluted share, for the same period of 2016. The increase in net income attributable to Wynn Resorts, Limited was primarily the result of income from Wynn Palace.
Wynn has also approved a cash dividend of $0.50 per share, payable on August 22, to stockholders of record as of August 10.
The Company opened Wynn Palace on August 22, 2016, with the second quarter of 2017 representing the third full quarter of operations for the resort.
Net revenues and Adjusted Property EBITDA from Wynn Palace were $414.7 million and $87.4 million, respectively, for the second quarter of 2017.
The company’s cash and cash equivalents, restricted cash and investment securities at June 30, were $2.80 billion.
Moreover, Telsey Advisory Group downgraded Wynn Resorts from Outperform to Market Perform.
The stock price trudged Wednesday, falling $8.66, or 6.2%, to $130.31.
