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Wynn Reports Earnings Well Above Estimates, Shares Surge

CNBC.com
Monday, 6 Aug 2007 | 5:12 PM ET

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.

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