Wynn Resorts 2Q profits increase a whopping 57 percent
Earnings, adjusted for non-recurring costs and to extinguish debt, came to USD 2.11 per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of USD 2.08.
Wynn Resorts said revenue climbed 6 percent to USD 1.41 billion from USD 1.33 billion, but missed Wall Street’s forecast of USD 1.44 billion.
Revenue in Macau rose 3 percent. Las Vegas revenue increased 12.5 percent, helped by a strong gain in casino revenue and higher revenue from rooms, food and drinks.
Wynn Resorts said its total outstanding debt at the quarter's end was USD 7.3 billion. This included USD 3.1 billion of Wynn Las Vegas debt, USD 2.3 billion of Wynn Macau debt and USD 1.9 billion at the parent company.
The company's shares declined USD 3.97 to USD 207 before the market open on Tuesday.
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