Quarterly profits reach us$ 240 million
Macau casinos boost Wynn Resorts revenue
2013-10-29
Reading time 41 seg
(Macau).- Wynn Macau announced a year-on-year increase in net profits of 18 percent for the third quarter or 2013, to USD 240.6 million. In a financial statement for the quarter, the Chinese gaming firm said casino revenue as a whole rose by 10.1 percent to USD 944 million in the period.
Wynn Macau said that adjusted property earnings before interest, tax, depreciation and amortisation rose to us$ 329.1 million from us$ 292.2 million, adding that the renovations to the Wynn Macau are expected to be completed by the end of the year.
Revenue at Wynn's Macau casinos rose about 10 percent to us$ 997.6 million in the third quarter, accounting for more than 70 percent of the company's total revenue.
Net income rose to us$ 182 million from us$ 112 million a year earlier. Excluding items, the company controlled by CEO Steve Wynn earned us$ 1.84 per share, beating analysts' average estimate of us$ 1.66, according to Thomson Reuters I/B/E/S.
Revenue of us$ 1.39 billion exceeded the average market forecast of us$ 1.36 billion.
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