Wynn Results Inline, Declares $8 Cash Dividend

Before you go, we thought you'd like these...
Before you go close icon

Wynn Resorts Ltd. (NASDAQ: WYNN) reported third-quarter 2012 results after markets closed today. For the quarter, the resort and casino owner posted adjusted diluted earnings per share (EPS) of $1.48 on revenues of $1.3 billion. In the same period a year ago, the company reported EPS of $1.05 on revenues of $1.3 billion. Third-quarter results compare to the Thomson Reuters consensus estimates for EPS of $1.34 and $1.31 billion in revenues.

On a GAAP basis, Wynn reported EPS of $1.11, compared with $1.01 in the same period a year ago.

Wynn declared a cash dividend of $8 a share today, which includes the usual $0.50 a share quarterly dividend. The special dividend will be payable on November 20th to shareholders of record on November 7th. The stock will begin to trade ex-dividend on November 5th.

The company's Macau operations posted net revenues of $910.5 million in the quarter, down 4.3% from the same period a year ago. Turnover in the company's VIP table games segment was down 12.1% from a year ago, while the mass market table games segment rose 8.3% year-over-year. Slot machine handle fell 13.2% in Macau.

In Las Vegas, net revenues totaled $388 million, up 11.8% from the same period a year ago. Casino revenues rose to $155.6 million, up 22.6% year-over-year, slot machine handle rose 7.4%, and non-casino revenues rose 5.3% year-over-year.

The drop in Macau revenues is the result of visa restrictions imposed by the Chinese government and a government-mandated lowered spending limit on credit cards. It hit Macau's VIP segment especially hard: table games turnover fell 12.1% year-over-year from $31.4 billion in 2011 to $27.6 billion this year.

But that cash dividend makes up for a lot of problems.

Wynn's shares are up nearly 3% in after-hours trading, at $112.29, in a 52-week range of $90.11 to $142.20. The consensus target price for the shares was around $132.20 before today's report.

Paul Ausick


Filed under: 24/7 Wall St. Wire, Casinos, Casinos & Hotels, China, Earnings Tagged: featured, WYNN
Read Full Story

Markets

S&P 500 2,259.53 13.34 0.59%
DJIA 19,756.85 142.04 0.72%
NASDAQ 5,444.50 27.14 0.50%
DAX 11,203.63 24.21 0.22%
HANG SENG 22,760.98 -100.86 -0.44%
NIKKEI 225 18,996.37 230.90 1.23%
USD (per EUR) 1.06 0.00 0.05%
USD (per CHF) 1.02 0.00 0.02%
JPY (per USD) 115.39 0.02 0.01%
GBP (per USD) 1.26 0.00 -0.01%

From Our Partners