Wynn Resorts Ltd. said Thursday that revenue growth in its Macau and Las Vegas casinos and a sizable income tax gain helped drive profit up 67 percent in the last three months of 2011.
Much of the increase was due to a 9 percent jump in revenue at Wynn Macau, which generates the majority of the casino operator's earnings. Customers spent $1.3 billion at its Macau slots, up 12 percent year-over-year. And the company made more than expected from both its VIP table and mass market table games.
In Las Vegas, revenue rose 7 percent to $348.4 million on a stronger take from table games and increased room, food and beverage and retail revenue.
Quarterly earnings rose to $190.5 million, or $1.52 per share, from $114.2 million, or 91 cents per share, in the 2010 period. Wynn Resorts Ltd. booked an income tax gain of about $31 million in the latest period, versus a $4.4 million payout in the year-earlier quarter. Revenue climbed 9 percent to $1.34 billion from $1.24 billion.
Excluding one-time items, Wynn's net income totaled $1.55 per share, beating the average analyst estimate of $1.28 per share, according to FactSet. However, total revenue came in shy of the nearly $1.36 billion that analysts were expecting.
That shortfall sent Wynn shares down about 3 percent after-hours. Shares fell $3.68, or 3 percent, to $117.10 in extended trading, having closed earlier up $3.03 at $120.78 before the results were released.
Wynn is the world's third-largest publicly held casino company, as measured by revenue.
For all of 2011, Wynn earned $613.4 million, or $4.88 per share, on revenue of $5.27 billion, compared with net income of $160.1 million, or $1.29 per share, on revenue of $4.18 billion in 2010.
Analysts on average had forecast earnings of $5.32 per share and revenue of $5.29 billion for 2011, according to FactSet.
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