Wynn Resorts reports wider q3 loss as covid lockdowns in Macau bite

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Wynn Resorts reports wider q3 loss as covid lockdowns in Macau bite
Credit: © Reuters.

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: WYNN ) fell more than 3% in afterhours trading. 

The gambling operator reported 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: WYNMF ) 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. 

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