Wynn Results Inline, Declares $8 Cash Dividend

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


NASDAQ 7,337.39 127.30 1.77%
S&P 500 2,747.30 43.34 1.60%
DJIA 25,309.99 347.51 1.39%
NIKKEI 225 21,892.78 156.34 0.72%
HANG SENG 31,267.17 301.49 0.97%
DAX 12,483.79 21.88 0.18%
USD (per EUR) 1.23 0.00 0.01%
USD (per CHF) 0.94 0.00 0.03%
JPY (per USD) 106.87 0.01 0.00%
GBP (per USD) 1.40 0.00 0.00%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs 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.