Wynn sees big increases in revenues and net earnings

After adjusting for a charitable contribution and other one-time items, the company earned us$ 1.60 per share, compared with 52 cents per share a year earlier. Wynn's revenue rose from us$ 1.03 billion to us$ 1.37 billion for the quarter.

The results easily beat analysts' average forecast for adjusted earnings of us$ 1.02 per share on revenue of us$ 1.26 billion, according to data from FactSet.
Morningstar analyst Chad Mollman said the results were a huge beat. And while China produces the bulk of its business — more than 70 %— the turnaround in Vegas is critical to Wynn because it still derives more of its business there than competitor Las Vegas Sands. The news sent Wynn's shares soaring after hours.
The company operates two casinos in Las Vegas and two in Macau, where it opened its first casino in 2010. It is poised to build a third property in Macau, the only part of China where gambling is legal, pending government approval. Wynn said the review process is moving along on schedule.
The company said revenue at Wynn Macau rose nearly 37 %. Wynn's revenue from Las Vegas operations rose nearly 23 % including a notable jump in non-casino revenue, which benefited from higher room rates as demand picked up. "The numbers speak for themselves," Steve Wynn told investors during a call Monday.

Shares of Wynn Resorts rose us$ 3.87, more than 2 %, to us$ 168.76 in after-hours trading.