Revenues Rise Strongly for Wynn ResortsPublished November 8, 2008 by OCR Editor
The numbers are in, and Wynn Resorts Ltd operating out of Las Vegas has reported an overall rise in income thanks largely to Wynn Macau in China.
One thing that looks plenty hot right now is the Wynn Resorts Macau establishment. The popular chain of resorts based in Las Vegas Nevada has reported an overall growth of 14% owing largely to a 37% rise in revenues at Wynn Macau.
The economic slowdown has its fair share of victims along the way - not Wynn Macau however. These positive results have allowed for Wynn to report earnings of 49 cents per share in the 3rd quarter this year. This increases Wynn's impressive performance by $6.4 million from 2007 to an overall $51.1 million this year.
Analysts were correct in EPS expectations of 59 cents on revenues approaching $750 million. But it was the strength of Wynn Macau's performance in China that surprised everyone. The Macau operation helped boost Wynn Resorts Ltd overall revenue stream to $769.2million. What's equally impressive is that the gains in Macau compensated handsomely for the dip in revenues in Las Vegas.
Figures in Las Vegas casino revenues slumped by $7-m year on from the 3rd quarter in 2007 with an equally disappointing 1.1% dip in non-gambling revenues.
A brand-new establishment - the Encore is set to open this December. The 2000-room mega establishment has investors in a frenzy. The hefty little price tag on the venture - some $2.3 billion - will have a few folks focused on ensuring the smooth running of what promises to be another win-Wynn operation.