Search
 

Wynn Resorts Reports Its First Quarterly Profit

LAS VEGAS-The sale of its right to develop and operate another casino in Macau gives the locally based operator of Wynn Las Vegas and Wynn Macau the first quarterly profit in its brief history.

By Brian K. Miller | Updated on November 08, 2006

LAS VEGAS-Wynn Resorts Ltd. reported a third quarter profit due to a nearly $900 million gain from the sale of a subconcession right to develop a casino in Macau. The operator of the 18-month-old Wynn Las Vegas and the two-month-old Wynn Macau reported a third quarter net income of $715.7 million, or $6.43 per share, on revenue of $318.1 million. The third quarter of 2005 produced a loss of $9.2 million, or $0.09 per share, on revenue of $251.4 million.

Excluding the sale of the subconcession right and other special items, Wynn lost $1.3 million or $0.01 per share in the third quarter of 2006. When computed the same way, third quarter 2005 numbers show a loss of $2.2 million, or $0.02 per share. Analysts’ average expectation was for a profit of $0.06 per share on revenue of $301 million.

With Wynn Resorts still heavy into its development stage, analysts’ expectations don’t mean as much, apparently. Shares of Wynn Resorts were trading at $77.80 Wednesday afternoon, up nearly $3.00 on the day.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.