Wynn Resorts Tops Wall Street Views, Helped by Strong Macau Revenue
July 28 2016 - 5:40PM
Dow Jones News
Wynn Resorts Ltd. posted second-quarter results above Wall
Street estimates as revenue from Macau operations increased
following a string of declines.
More than half of Wynn's revenue has been from Macau, where the
gambling industry has suffered in recent years as a corruption
crackdown in China has been linked to a decline in business.
Wynn's total net revenue increased to $1.06 billion from $1.04
billion, while analysts polled by Thomson Reuters had projected
$1.02 billion.
Macau revenue rose 3.6% to $639.3 million from $617 million.
Still, revenue from the company's Las Vegas operations fell 1.1% to
$419 million from $423.5 million.
Over all, the company posted a profit of $70.4 million, up from
$56.5 million a year earlier. On a per-share basis, earnings
increased to 69 cents from 56 cents. On an adjusted basis, earnings
were $1.07 a share, topping Wall Street's expectations of 91
cents.
Shares of the company fell 3.3% to $101.25 after hours.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
July 28, 2016 17:25 ET (21:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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