Wynn Macau misses Q3 profit estimates

Los Angeles

THE Macau unit of Wynn Resorts Ltd, the casino company founded by billionaire Steve Wynn, posted third-quarter profit that missed analysts' estimates as its new US$4.4 billion project in the former Portuguese colony failed to lift betting revenue there.

Wynn Macau Ltd posted adjusted property earnings of US$177 million before interest, taxes,depreciation and amortisation. That's compared with the US$182 million median estimate of seven analysts surveyed by Bloomberg.

Shares of the company dropped as much as 4.7 per cent on Thursday in Hong Kong trading, the most in more than two months. The Bloomberg Intelligence index of Macau casino stocks dropped as much as one per cent while the Hang Seng Index dipped as mu…