Wynn Shares Jump on Healthy Take in Las Vegas, Macau
Casino operator Wynn Resorts said on Monday it beat Wall Street's quarterly net profit and revenue estimates and its shares jumped more than 5% in extended trade.
Buoyed by better business in Las Vegas and the opening last year of its casino in Macau, China's gambling haven, the company created by casino mogul Steve Wynn reported first-quarter net income of $58.4 million, or 54 cents a share, compared with a net loss of $11.4 million, or 12 cents a share, a year earlier. Excluding pre-opening costs, property charges and other one-time items Wynn said adjusted earnings were 67 cents a share.
Analysts on average had been looking for net income of 55 cents a share, according to Thomson Financial.
Revenue jumped 129% to $635.3 million from $277.2 million, surpassing analysts' average call for revenue of $550 million.