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Wynn Plays Macau Trump Card

The casino operator's new Macau resort provides a big boost to first-quarter results.
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Wynn Resorts'

(WYNN) - Get Wynn Resorts, Limited (WYNN) Report

first-quarter profit beat analysts' estimates as the casino operator's new Macau resort provided a big boost to revenue.

Shares climbed $4.60, or 4.5%, to $106.45 in after-hours trading Monday.

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Wynn posted a first-quarter profit of $58.4 million, or 54 cents a share, reversing a year-earlier loss of $11.4 million, or 12 cents a share.

Adjusted earnings, which exclude certain items, jumped to $72.6 million, or 67 cents a share, from $1.1 million, or 3 cents a share, last year. On this basis, analysts polled by Thomson Financial projected earnings of 55 cents a share.

Revenue soared to $635.3 million from $277.2 million, aided by contributions from the Wynn Macau, which opened in September. The top line handily topped Wall Street's target of $550 million.

At Wynn Macau, revenue totaled $304.6 million, while adjusted earnings before interest, taxes, depreciation and amortization reached $79 million. Macau, China's only legal gambling region, recently surpassed Las Vegas as the world's No. 1 gambling spot.

In Las Vegas, Wynn's casino had adjusted EBITDA of $111.2 million, up 37%. Casino revenue at the Wynn Las Vegas rose 37% to $173.1 million, while non-casino revenue edged up 1.7% to $195.2 million.