Wynn Resorts Ltd. (WYNN:US), the casino company controlled by billionaire Steve Wynn, reported third-quarter earnings that topped analysts’ estimates as gambling continues to boom in the Chinese enclave of Macau.
Profit rose to $1.84 a share, excluding items, Las Vegas-based Wynn said today in a statement (WYNN:US). That compares with analysts’ projections of $1.67, the average of 22 estimates (WYNN:US) compiled by Bloomberg. Revenue gained 7.1 percent to $1.39 billion, beating analysts’ forecasts of $1.37 billion.
Wynn’s Macau revenue rose 9.6 percent to $997.6 million in the quarter, while sales in Las Vegas climbed 1.1 percent to $392.5 million. Betting in Macau, the only part of China where casino gambling is legal, soared for the quarter, gaining 19 percent to 89.5 billion patacas ($11.2 billion), according to the Gaming Inspection & Coordination Bureau.
Wynn slipped as much as 2.8 percent to $168 in late trading, after results were released. The shares rose 3.8 percent to $172.85 at the New York close. The stock has gained 54 percent this year.
Net income for the quarter rose to $182 million, or $1.79 cents a share, from $112 million, or $1.11, a year earlier.
(Wynn plans a conference call at 4:30 p.m. New York time at +1-855-415-3151 or U.S. callers and +1-706-643-0974 for others. The conference call ID is 78533163.)
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