Wynn Reports Earnings Well Above Estimates, Shares Surge
Wynn Resorts on Monday reported strong quarterly earnings, fueled by growth in Las Vegas and Macau, China's gambling haven.
The company created by casino mogul Steve Wynn posted second-quarter income of $89.6 million, or 82 cents a share, compared with a year-earlier net loss of $20.1 million, or 20 cents per share, when it booked preopening expenses.
Wynn said revenue rose 152% to $687.5 million, compared with revenue of $273 million in the year-ago period.
Analysts surveyed by Thomson First Call expected Wynn to report earnings of 53 cents a share on revenue of $604 million.
Shares rose more than 9% in extended hours trading.
The Wynn Macau resort generated quarterly revenue of $352.5 million, the company said. The company opened the casino in September 2006.