This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Big Wynn Boosts Casino Stocks

Updated from Aug. 6

Wynn Resorts (WYNN - Get Report) shares vaulted 13% Tuesday after the casino operator blew away analysts' second-quarter earnings estimates amid strong results at both its Las Vegas and Macau casinos.

The report also buoyed other casino owners, particularly those operating in Macau, as it soothed worries that visa restrictions in the Chinese region were hurting traffic.

Wynn said late Monday that it swung to a second-quarter profit of $89.6 million, or 82 cents a share, from a year-earlier loss of $20.1 million, or 20 cents per share a year earlier.

On an adjusted basis, the earnings were 92 cents a share, compared with the 53-cent average estimate from analysts surveyed by Thomson Financial.

Wynn's net revenue more than doubled to $687.5 million from $273.4 million last year. That topped the $603.7 million that Wall Street expected.

"Bonds Hits 755, A-Rod Hits 500, Wynn Hits It Out of the Park," read the headline on a research report from Jefferies & Co. analyst Larry Klatzkin. Numerous sell-side analysts increased their 2007 and 2008 earnings estimates for Wynn after the report.

The company's two casinos -- the Wynn Las Vegas and Wynn Macau -- each reported impressive results. The Las Vegas property saw property cash flow grow 58%, with improved margins. Net revenue rose to $159.4 million from $113.5 million last year.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
LVS $43.97 -0.20%
MPEL $16.11 -0.86%
WYNN $65.43 4.20%
AAPL $118.60 0.25%
FB $105.69 1.40%


Chart of I:DJI
DOW 17,859.29 +139.37 0.79%
S&P 500 2,097.90 +17.49 0.84%
NASDAQ 5,144.4170 +35.7510 0.70%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs