(WYNN - Get Report)
reported a mixed first quarter after the market close Thursday, but the casino operator's Macau results looked much stronger than competitor
Las Vegas Sands'
(LVS - Get Report)
Wynn's overall revenue beat estimates, but earnings per share came in a penny lower than consensus expectations. The results sent Wynn shares down 4% in recent after-hours trading Thursday.
A day earlier, Las Vegas Sands earnings
analyst estimates because of weak results at its Venetian Macau property, which is now the world's largest casino.
Wynn's total revenue rose 23% to $778.7 million, beating the $734.4 million analyst estimate from Thomson Financial.
Adjusted net income was $78.2 million, or 69 cents a share, compared with profit of $72.6 million, or 67 cents a share, a year earlier. Analysts expected 70 cents on this basis.
Revenue at the Wynn Macau rose 61% from a year earlier, with adjusted property EBITDA increasing 64%. The property benefited from stronger-than-expected VIP win of 3%, which is the percentage of gambling volume the casino keeps.
Wynn Macau had a 26.3% EBITDA margin in the quarter, compared to the 24.2% margin at the Sand's Venetian Macau.
Wynn's Las Vegas results were less rosy, with adjusted EBITDA falling 38% from a year earlier. Overall casino revenue dropped 28% at the property.
Las Vegas casinos continue to defy the old adage that gambling is recession-proof. This time around, the weak U.S. consumer is hurting casinos and other consumer discretionary sectors.