Wynn Resorts Earnings Light on Weakness in Macau

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

200325572-001Wynn Resorts Ltd. (NASDAQ: WYNN) reported second-quarter 2013 results before markets opened this morning. The casino and resort operator posted adjusted diluted earnings per share (EPS) of $1.51 on revenues of $1.33 billion. In the same period a year ago, the company reported EPS of $1.38 on revenues of $1.25 billion. Second-quarter results also compare to the Thomson Reuters consensus estimates for EPS of $1.57 and $1.34 billion in revenues.

On a GAAP basis, Wynn reported quarterly diluted EPS of $1.28.

Wynn's revenues rose 2.6% in Macau, to nearly $931 million. In the company's Macau VIP segment, table games turnover was down 1.6% to $29.9 billion, and the company's win on those wagers was 2.94%, within the expected range of 2.7% to 3%. The company's win in its Macau mass market table games rose 8.5%

Las Vegas revenues rose more than 16%, but Las Vegas revenues account for just 30% of the company's total. EBITDA in Las Vegas was up nearly 66% year-over-year and EBITDA margin rose nearly 34%.

Wynn did not offer guidance in its earnings release, but the consensus estimate for the third quarter calls for EPS of $1.57 on revenues of $1.34 billion. For the full year, the consensus estimate calls for EPS of $6.66 and revenues of $5.41 billion.

Shares are trading down about 1.5% at $129.00 in the premarket, in a 52-week range of $92.56 to $144.99. Thomson Reuters had a consensus analyst price target of around $149.40 before today's report.

Filed under: Casinos & Hotels Tagged: WYNN
Read Full Story

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

People are Reading