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Wynn Resorts Ltd. shares fell 1.5% in the extended session Wednesday after the company reported that it swung to a first-quarter loss of nearly a half a billion dollars amid falling revenue.
Wynn WYNN, -0.52% reported a first-quarter net loss attributable to shareholders of $402 million, which amounts of $3.77 a share, versus a net income $104.9 million, or 98 cents, a year ago. Adjusted for property charges and noncontrolling interests, among other items, losses were $3.54 a share.
Revenue fell to $953.7 million, from $1.65 billion in the year-ago period.
Analysts polled by FactSet had expected adjusted losses of $1.20 a share on sales of $1.02 billion.
Wynn said it had suspended its dividend because of the financial impact of the coronavirus pandemic.
The company said it plans to continue to pay its staff members salaries and benefits through May and produced a plan in April to re-open its casinos and resorts safely. As of March 31, Wynn said it had cash and equivalents totalling $2.89 billion.
Wynn stock has fallen 44% in the past year, as the S&P 500 index SPX, -0.69% has fallen 2.2%.
