Wynn Macau's Shares Fall After Reporting Third-Quarter Loss [MarketWatch]
WYNN MACAU LTD UNSP/ADR (WYNMY)
NASDAQ:AMEX Investor Relations:
en.wynnmacaulimited.com
Company Research
Source: MarketWatch
The casino operator's shares fell as much as 7.0% to 3.71 Hong Kong dollars (US$0.47) in early trade and were last 2.5% lower at HK$3.89. In its earnings release, Wynn Macau reported that its net loss widened to US$242.0 million in the third quarter, compared with a loss of US$179.9 million a year ago. The casino operator's third-quarter earnings were hurt by a suspension of its casino operations for a 12-day period in July in response to a Covid-19 outbreak in Macau, the company said in its earnings release Thursday. The casino operator's future revenue growth will likely continue to be influenced by quarantine and zero-Covid policies in China and their impact on inbound travel, wrote Jefferies analyst Andrew Lee in a note. The analyst added that it is "still a waiting game for eventual recovery" for Wynn Macau, although "the fear of lockdown is still deterring travelers." The U.S. investment bank has a hold rating and target price of HK$4.50 on the stock. There could be a
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