Wynn Resorts, Limited (WYNN) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $17.44 million, or $ 0.17 a share in the quarter, against a net profit of $96.21 million, or $0.95 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $76.18 million, or $0.75 a share compared with $87.57 million or $0.86 a share, a year ago.
Revenue during the quarter grew 11.40 percent to $1,109.82 million from $996.28 million in the previous year period. Gross margin for the quarter contracted 13 basis points over the previous year period to 37.35 percent. Total expenses were 93.07 percent of quarterly revenues, up from 84.67 percent for the same period last year. That has resulted in a contraction of 840 basis points in operating margin to 6.93 percent.
Operating income for the quarter was $76.93 million, compared with $152.77 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $305.44 million compared with $279.89 million in the prior year period. At the same time, adjusted EBITDA margin contracted 57 basis points in the quarter to 27.52 percent from 28.09 percent in the last year period.
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