Options Wonderland

[3xBuBu]

Wynn Resorts Posts 3Q Profit As Revenue More Than Doubles Due to Macau Casino

LAS VEGAS (AP) -- Wynn Resorts Ltd., the casino company run by billionaire Steve Wynn, said Tuesday its third-quarter net income was $44.7 million while revenue more than doubled due to the opening of its casino in Macau.

The net income of 41 cents per share was below the $6.43 per share during the same quarter a year ago, when the company booked a $779 million one-time profit from the sale of a subconcession to develop casinos in Macau.

Adjusted net profit, excluding one-time items, was $73.4 million, or 67 cents per share, compared with an adjusted net loss of $1.3 million, or a penny a share, from a year ago.

Analysts polled by Thomson Financial, on average, expected earnings on that basis of 63 cents per share and revenue of $637 million

Net revenue for the third quarter rose 105 percent to $653.4 million after the company opened the Wynn Macau in September 2006.
http://biz.yahoo.com/ap/071030/earns_wynn_resorts.html?.v=1