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Wynn Resorts Posts Loss

Revenue at the Macau property falls 8% but shares soar.

Updated from 3:22 p.m. EDT

Wynn Resorts

(WYNN) - Get Wynn Resorts, Limited Report

swung to a loss in the first quarter.

Net loss for the quarter was $33.8 million, or 30 cents per share, compared to net income of $46.7 million, or 41 cents per diluted share in 2008.

Analysts polled by Thomson Reuters were expecting earnings of 2 cents a share on revenue of $742.6 million.

Net revenue was $740 million, compared to $778.7 million in the first quarter of 2008. The revenue decline was driven primarily by 8.7% lower revenue at Wynn Macau, the Las Vegas-based casino operator said.

Shares closed at $49.98, up $7.17, or 16.8%.

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