(MENAFN- Baystreet.ca) Wynn Resorts, Limited (NASDAQ:WYNN) reported upbeat earnings for its first quarter, while sales missed estimates.
The Las Vegas-based resort giant said Thursday operating revenues were $1.65 billion for the first quarter of 2019, a decrease of 3.7%, or $64.0 million, from $1.72 billion for the first quarter of 2018.
Operating revenues increased $60.8 million at Wynn Palace and decreased $94.4 million and $30.5 million at Wynn Macau and our Las Vegas Operations, respectively.
On a U.S. generally accepted accounting principles ("GAAP") basis, net income attributable to Wynn Resorts, Limited was $104.9 million, or $0.98 per diluted share, for the first quarter of 2019, compared to a net loss attributable to Wynn Resorts, Limited of $204.3 million, or $1.99 per diluted share, in the first quarter of 2018.
The change was primarily due to a litigation settlement of $463.6 million, partially offset by an income tax benefit of $111.0 million, recorded in the first quarter of 2018. Adjusted net income attributable to Wynn Resorts, Limited was $172.6 million, or $1.61 per diluted share, for the first quarter of 2019, compared to $237.0 million, or $2.30 per diluted share, for the first quarter of 2018.
The company also announced it has approved a cash dividend of $1.00 per share, payable on May 30, to stockholders of record as of May 22.
The company is currently constructing Encore Boston Harbor, an integrated casino resort in Everett, Massachusetts, located adjacent to Boston along the Mystic River. The resort will contain a hotel, a waterfront boardwalk, meeting and convention space, casino space, a spa, retail offerings and food and beverage outlets.
WYNN shares tumbled $5.55, or 4.1%, near Friday's close to $130.78.
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