Shares of Wynn Resorts (NASDAQ: WYNN) fell as much as 10% early Friday, then pared their gains to close down 5.7% in spite of solid quarterly results from the hotel and casino operator.

For its third quarter of 2023, Wynn's operating revenue climbed 87.9% year over year to $1.672 billion, translating to adjusted (non-GAAP) net income of $112 million, or $0.99 per share. Analysts, on average, were expecting earnings of $0.80 per share on revenue of $1.58 billion.

Wynn CEO Craig Billings said the quarter reflected "continued strength across [Wynn's] property portfolio," noting that Wynn Las Vegas and Encore Boston Harbor achieved quarterly records for adjusted property EBITDAR (or earnings before interest, taxes, depreciation, amortization, and restructuring costs, a slight variance from the more common EBITDA metric). On a consolidated basis, Wynn Resorts generated adjusted property EBITDAR of $530.4 million, up from $173.5 million in last year's third quarter.

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Source Fool.com