International edition
June 23, 2021

Reverse 4Q loss with help from Macau

Wynn Resorts earns US$114.2 million

(US). - Casino operator Wynn Resorts said that a 79 percent jump in revenue in Macau, where it opened a new casino in April, helped it reverse a fourth-quarter loss.

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he company run by billionaire Steve Wynn said it earned US$114.2 million, or 91 cents per share, for the period that ended on December 31st. That compares with a loss of US$5.2 million, or 4 cents per share, during 2009's fourth quarter. Wynn's adjusted income also was 91 cents per share.

The Las Vegas company reported revenue of $1.24 billion, up 33 percent from the US$809.3 million it reported for the fourth quarter of 2009.

Both Wynn's earnings and revenue handily beat the average estimates of analysts surveyed by FactSet.

Analysts expected Wynn to report quarterly profit of 71 cents per share and revenue of US$1.134 billion.

For the full year, the company reported net income of US$160.1 million, or US$1.29 per share. That compares with net income of US$20.7 million, or 17 cents per share, for 2009. Wynn full-year results also beat analyst expectations.

The company reported adjusted income of US$2.11 per share and revenue of US$4.18 billion for the year, while analysts expected earnings of US$1.83 per share and revenue of US$4.1 billion, according to FactSet.

Wynn said he expected a casino the company is planning in Macau's growing Cotai area to be open by late 2014 or early 2015, and added that he had no firm estimates on cost because the company's design team has only just begun penciling out a budget, but he wouldn't be surprised if the resort cost US$2.5 billion. But the Chinese government has not yet given Wynn permission to begin construction.

Wynn said its fourth-quarter revenue in Las Vegas was US$325.1 million, 8 percent higher than in 2009's fourth quarter. Room revenue fell, but casino revenue rose 16 percent to US$139.2 million.

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