Wynn Resorts reported first-quarter earnings after Monday's close that topped consensus estimates handily. Wynn's new Macau resort, which opened in September, provided a big boost to revenue as well as the bottom line. Shares climbed $2.82 (2.77%) to $104.67 in after-hours trading. Wynn posted first quarter net earnings, excluding one-time items, of $72.6 million ($0.67/share) vs. EPS of just $0.03 a year ago. Last year's results don't include the Wynn Macau which was not yet open. Revenue jumped to $635.3 million from $277.2 million. Consensus estimates were for EPS of $0.55 on revenue of $550 million. Wynn Macau's revenue came in at $304.6 million. Gambling revenue at the Wynn Las Vegas was $173.1 million, a 37% rise. The company said its table win percentage (27.6%) was above the expected range of 20%-23%, and exceeded the 19.8% for the first quarter of 2006. Non-casino revenue edged up 1.7% to $195.2 million.
Sources: Press Release, Bloomberg, TheStreet.com, MartketWatch, AP
Commentary: Wynn Resorts Leveraging Two Key Gaming Themes • A Quick Guide to the Major Gambling Stocks • Cramer's Take on WYNN
Stocks/ETFs to watch: Wynn Resorts, Limited (WYNN). Competitors: Las Vegas Sands (LVS), Trump Entertainment Resorts Inc. (TRMP), MGM Mirage (MGM), Harrah's Entertainment Inc. (HET)
Related: WYNN Investor Relations
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