No Laughs at Wynn Resorts

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

Casino EntranceWynn Resorts Ltd. (NASDAQ: WYNN) reported fourth quarter and full year 2012 results after markets closed today. For the quarter, the casino and resort operator posted adjusted diluted earnings per share (EPS) of $1.17 on revenues of $1.29 billion. In the same period a year ago, the company reported EPS of $1.55 on revenues of $1.34 billion. Fourth-quarter results compare to the Thomson Reuters consensus estimates for EPS of $1.25 EPS and $1.27 billion in revenues.

For the full year, Wynn posted adjusted diluted EPS of $5.36 on revenues of $5.15 billion, compared with 2011 EPS of $5.58 on revenues of $5.27 billion. The consensus estimate called for for EPS of $2.44 on revenues of $5.14 billion.

On a GAAP basis, Wynn reported quarterly diluted EPS of $1.10 and full-year EPS of $4.82.

The company doubled its dividend from a quarterly rate of $0.50 per share to $1.00 per share, payable to shareholders of record as of February 14th.

Competitor Las Vegas Sands Inc. (NYSE: LVS) boosted its dividend by 40%, to $0.35 a share last night to help ease the pain of lighter earnings than analysts had been expecting. Wynn announced this increase last year. Las Vegas Sands got a share price boost of more than 7% today, but so far Wynn is not following suit in after-hours trading.

Wynn's revenues fell nearly 10% in Macau, with the biggest drop coming from its VIP (high-roller) segment. Las Vegas revenues rose more than 12%, but Las Vegas revenues account for just 43% of the company's total.

Wynn did not offer guidance in its earnings release, but the consensus estimate for the first quarter calls for EPS of $1.55 on revenues of $1.38 billion. For the full year the consensus estimate calls for EPS of $6.07 on revenues of $5.39 billion.

Shares are trading down about 1.2% at $123.75 in after-hours trading today, in a 52-week range of $90.11 to $138.28. Thomson Reuters had a consensus analyst price target of around $133.90 before today's report.


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

Markets

S&P 500 2,257.77 11.58 0.52%
DJIA 19,733.56 118.75 0.61%
NASDAQ 5,438.78 21.42 0.40%
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 -0.01 -0.62%
USD (per CHF) 1.02 0.00 0.19%
JPY (per USD) 115.22 1.16 1.01%
GBP (per USD) 1.26 0.00 -0.05%

From Our Partners