Wynn Resorts Tops Forecasts on Lower Profit

by Christopher Freeburn | October 25, 2012 9:08 am

Wynn Resorts (NASDAQ:WYNN[1]) announced late Wednesday that it earned $112 million during the third quarter[2], down 12% from $127.1 million in the same period last year. Adjusted EPS came in at $1.48, which easily beat Wall Street forecasts of $1.32, the Associated Press noted.

Quarterly revenue at theĀ  resort and casino operator was little changed from last year at $1.3 billion, matching analysts’ estimates.

The company announced that it would pay an $8 cash dividend to shareholders on Nov. 20 and would increase its normal quarterly dividend to $1 in 2013. Investors liked the news. Shares of Wynn rose more than 4% in Thursday pre-market trading.

Company officials noted that revenue at the Wynn Macau casino declined to $910.5 million, down 4.3% from last year. That contrasted to Las Vegas casino operations, which saw revenue climbed 12% to $388 million.

However, Las Vegas hotels saw their occupancy levels slip from 88% last year, to 85.7%.

Endnotes:
  1. WYNN: http://studio-5.financialcontent.com/investplace/quote?Symbol=WYNN
  2. during the third quarter: http://seattletimes.com/html/businesstechnology/2019514931_apusearnswynnresorts.html

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