Wynn Resorts 4Q Results Beat Estimates as Revenue Grows at Two Locations [MarketWatch]
WYNN MACAU LTD UNSP/ADR (WYNMY)
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en.wynnmacaulimited.com
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Source: MarketWatch
The Las Vegas-based casino operator posted net income of $729.2 million, or $6.19 a share, for the fourth quarter ended Dec. 31, up from $32.4 million, or 29 cents a share, a year earlier. Adjusted earnings were $1.91 a share, above analysts' estimates of $1.15 a share. Advertisement Wynn attributed the increase in net income primarily to increased operating revenues from its Macau and Las Vegas operations, as well as an income tax benefit related to the release of valuation allowance on certain deferred tax assets. Revenue surged to $1.84 billion from about $1 billion. Analysts polled by FactSet expected $1.74 billion. Revenue increased at Wynn Palace, Wynn Macau, its Las Vegas operations, and Wynn Interactive from a year earlier, while it decreased slightly at Encore Boston Harbor during the same period. "We will continue to focus on driving long-term returns for shareholders," said Chief Executive Craig Billings. Write to Denny Jacob at denny.jacob@wsj.com
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