Wynn Resorts Ltd (WYNN)

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Wynn Resorts Beats Profit Estimates as Las Vegas Casino Revenue Jumps
By: TheStreet | August 7, 2019

Revenue from Wynn's casino operations in Las Vegas rise 17.7% in the second quarter.

Hotel and casino operator Wynn Resorts (WYNN - Get Report) reported better-than-expected earnings as casino revenue surged in Las Vegas.

The company reported adjusted profit per share of $1.44 in the three months through June 30, down from $1.53 a year ago. Wall Street was expecting earnings of $1.42 a share.

Revenue increased 3.3% from a year earlier to $1.66 billion.

Revenue from Wynn's casino operations in Las Vegas jumped to $119.8 million in the quarter, up 17.7% from the second quarter a year earlier. Casino revenue from Wynn Macau rose 1.7% to $481.2 million. Wynn Palace, also in Macau, saw its casino revenue rise by 0.7% to $528.5 million.

"We were pleased to deliver year-over-year revenue growth at all of our properties in the second quarter, with particular strength in our core mass business in Macau and REVPAR in Las Vegas," said Matt Maddox, CEO of Wynn.

Wynn Resorts also touted expansion plans in its earnings report released Tuesday.

"On the development front, we have made meaningful progress designing and planning the Crystal Pavilion in Macau, which we believe will be a 'must-see' tourism destination on Cota," said Maddox.

The company said it will pay a quarterly dividend of $1 a share vs. 75 cents in last year's second quarter.

Wynn shares fell 0.87% to $110.96 in after-hours trading on Tuesday.

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