Cost controls help Wynn Resorts beat Wall Street estimates
Revenue from Macau rose 4.4 % to us$ 992.1 million after falling 9.7 % in the fourth quarter. Gambling revenue in the Chinese territory rose 25.4 % to us$ 3.92 billion in March from a year earlier, according to Macau government data. Revenue in February also rose, thanks largely to the week-long Chinese new year holiday.
Wynn's total revenue - including a 6.6 % increase us$ 386.6 million from Las Vegas - rose about 5 % to us$ 1.38 billion, matching the average analyst forecast. Net income rose to us$ 203.0 million, or us$ 2 per share from us$ 140.6 million, or us$ 1.23 per share, a year earlier. Excluding items, net income rose to us$ 205.6 million, or us$ 2.03 per share, from us$ 151.9 million, or us$ 1.33 per share.
Analysts had expected earnings us$ 1.55 per share, according to Thomson Reuters I/B/E/S. The company's operating margin in the quarter improved to 24.2 % from 19.8 % a year earlier. Wynn's shares, which have risen about 17 % this year, closed at us$ 134.91 on the Nasdaq on Thursday.
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