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

Wynn Posts Mixed Quarter

Wynn Resorts (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 widely missed 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.

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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
LVS $55.25 0.00%
MPEL $21.99 0.00%
WYNN $130.09 0.00%
AAPL $130.28 0.00%
FB $81.53 0.00%


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs