Bloomberg News

Wynn Resorts Profit Beats Estimates as Macau Revenue Surges

October 24, 2013

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.)

To contact the reporter on this story: Christopher Palmeri in Los Angeles at cpalmeri1@bloomberg.net

To contact the editor responsible for this story: Anthony Palazzo at apalazzo@bloomberg.net


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Companies Mentioned

  • WYNN
    (Wynn Resorts Ltd)
    • $181.66 USD
    • -0.79
    • -0.43%
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