hares jumped 6.8% to us$ 47.19 in recent premarket trading. The stock has more than tripled from a six-year low in March but is still down nearly two-thirds from last August. The casino resort operator, which has a stronger balance sheet than most of its rivals, opened the resort in December. Meanwhile, Wynn had a 23% revenue drop at its Macau operations.
Casinos, especially those in tourist destinations such as Las Vegas and Atlantic City, continue to suffer from a sharp drop in revenue and visitors, but plans by Wynn and Las Vegas Sands Corp. (LVS) to take their Macau assets public reflect a revival of optimism about the Chinese gambling enclave's prospects.
Wynn reported a profit of us$ 25.5 million, or 21 cents a share, compared with earnings of us$ 272 million, or us$ 2.42 a share, a year earlier. Excluding items such as a foreign-tax credit and debt-extinguishment gains, earnings fell to 9 cents from us$ 1.11. Net revenue dropped 12% to us$ 723.3 million.
Analysts' estimates were for a 1-cent loss on revenue of us$ 739.3 million, according to a poll by Thomson Reuters. Overall casino revenue slid 18%, and food and beverage revenue climbed 15%, while other revenue fell 4.8%.
In Las Vegas, casino revenue climbed 3% on Encore, which also pushed hotel revenue up 13%. Macau revenue was hurt by 24% slump in table-game winnings.