(Reuters) -Wynn Resorts ( WYNN ) posted first-quarter results that missed Wall Street estimates on Tuesday, owing to sluggish business across its luxury resorts.

The company reported a revenue fall of 8.7% at its Macau-based Wynn Palace and a 19.9% fall in revenue at Wynn Macau.

Shares of Wynn were down 2.4% in after-market trading. They have fallen more than 9% since the start of 2025.

Wynn said its Macau performance was hurt by high-stakes gamblers winning more than usual, causing lower earnings from its VIP casino operations.

Revenues from both its Las Vegas operations and Encore Boston Harbor were down 1.8% and 3.9%, respectively.

Over the last two months, various airlines including Delta warned of stalling travel demand, while hotel operators like Hilton and Marriott ( MAR ) lowered their annual forecasts as the U.S. President Donald Trump's trade policy hammers consumer sentiment and puts travelers in a "wait-and-see" mode.

Wynn Resorts ( WYNN ) reported total operating revenue of $1.70 billion, below analysts' average estimate of $1.74 billion, according to data compiled by LSEG.

"In Macau, while VIP hold negatively impacted results, we held market share in our expected range," CEO Craig Billings said, adding that construction of Wynn's UAE project, Wynn Al Marjan Island, continued to advance in the quarter.

The casino operator reported an adjusted profit of $1.07 per share for the quarter ended March 31, which also came below Wall Street expectations of $1.19 per share.

Its peer MGM Resorts International ( MGM ) reported first-quarter profit above estimates last week, driven by strong performance in its online sports-betting unit.