topped third-quarter revenue and profit estimates amid strong results at both its Macau and Las Vegas casinos.
Wynn reported adjusted earnings of $73.4 million, or 67 cents a share, compared with an adjusted loss of $1.3 million, or 1 cent a share, a year earlier. Analysts expected earnings per share of 63 cents on this basis, according to Thomson Financial.
Those results exclude certain one-time items. On a fully reported basis, net income for the quarter was $44.7 million, or 41 cents per share. That compared with earnings of $715.7 million, or $6.43 a share, a year earlier, when results included $779 million of proceeds from the sale of a subconcession in Macau.
Revenue doubled to $653.4 million, beating the $637.2 million estimate from analysts. Results were helped by a full quarter of operations at Wynn Macau, which opened near the end of last year's third quarter, making year-over-year estimates for the property meaningless.
However, the Macau property's results beat certain analyst estimates. Wynn Macau posted $92.8 million of adjusted property EBITDA, or earnings before interest, taxes, depreciation and amortization. In a note earlier in the week, Deutsche Bank analyst Bill Lerner said he expected the property to post $84 million of EBITDA.
At Wynn Las Vegas, property EBITDA rose 21% to $92.3 million. EBITDA, a proxy for cash flow, is a commonly used performance metric in the casino industry.
Next door to the existing Vegas property, Wynn is building $2.2 billion casino and hotel project called Encore at Wynn Las Vegas. The site is expected to open in 2009. The company also is adding table games and slots to its Macau property, with the additions set to be completed in the next 90 to 100 days.
Wynn also said it submitted an application to the government of Macau for a concession of land in the Cotai Strip for future development of a 52-acre site.