Wynn Resorts Quarterly Profit Falls 6%
Seeking Alpha Analyst Since 2013
Originally published at www.seclive.com
Wynn Resorts Ltd. (WYNN) announced its financial results for the second quarter of fiscal 2013, attributing a $26.6M early debt retirement charge to its 6% profit drop. Profit for the company this quarter was $129.8M, down from $138.1M this quarter last year. Earnings per share decreased similarly from $1.37 to $1.28 per share this quarter. Excluding the aforementioned debt retirement charge, earnings increased to $1.51 per share. Wynn's revenue increased 6.3% to $1.33B, thanks to operations in Las Vegas increasing 16% as well as its operations in Macau increasing 2.6%. SEC officials recently investigated Wynn Resorts over a $135M donation to the University of Macau Development Foundation but will not recommend any follow-up action. Macau, the world's largest gambling center and the only legal place in China where casinos are allowed, has buoyed Wynn's success.
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