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Wynn Resorts Quarterly Profit Falls 6%

Jul. 29, 2013 10:55 AM ETWYNN
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Seeking Alpha Analyst Since 2013

Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.

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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