Wynn Resorts shares fall 12 percent as it misses earnings estimates

Billy H.C. Kwok | Bloomberg | Getty Images

People use mobile devices to take photographs of a fountain outside the Wynn Macau casino resort, operated by Wynn Resorts Ltd., in Macau, China, on Tuesday, Jan. 30, 2018.

Wynn Resorts shares declined more than 12 percent during after-hours trading as the company missed estimates in its quarterly earnings.

The hotel and casino company reported earnings of $1.68 a share, while analysts expected $1.69 a share. However, it did beat on revenue, coming in at $1.71 billion versus an estimate of $1.66 billion.

However, Wall Street analysts focused on CEO Matthew Maddox’s comments about a “slowdown” in the company’s Macau business. The chief executive explained that since China’s weeklong holiday earlier in the month, weekend attendance at its Macau location has been “sporadic.”

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