What caused WYNN's Q3 2024 earnings miss?

Wynn Resorts' Q3 2024 earnings miss was primarily caused by weak casino business in Las Vegas, which led to a decline in revenue and profit estimates. Here are the key reasons:

1. **Sluggish Casino Business in Las Vegas**: Wynn's Las Vegas operations experienced a 1.9% revenue drop, resulting in $607.17 million in revenue. This decline contributed significantly to the overall earnings shortfall.
2. **Lower-than-Expected Revenue**: The company's revenue for the quarter was below Wall Street expectations. This indicates that the revenue miss was not only due to weak Las Vegas business but also reflected broader challenges in meeting financial projections.
3. **Occupancy Rate and ADR Challenges**: While the occupancy rate was 88%, down from 88.8% in the prior year, the average daily rate (ADR) increased by 20.7% year-over-year to $595. This suggests that while occupancy rates were lower, the higher ADR did not fully offset the impact of weaker occupancy, contributing to the revenue shortfall.

In summary, Wynn Resorts' Q3 2024 earnings miss was primarily due to weak casino business in Las Vegas, leading to lower-than-expected revenue, despite positive trends in ADR.