NEW YORK (TheStreet) -- Shares of Wynn Resorts Ltd (WYNN) - Get Reportwere rising, up 3.08% to $98.99 in pre-market trading Thursday, after the casino resorts operator released its latest quarterly earnings results late yesterday.
For the fiscal second quarter earnings, the company earned 74 cents per share on revenue of $1.04 billion.
Analysts were expecting the company to post earnings of 96 cents per share on revenue of $1.07 billion, according to Thomson Reuters.
Wynn noted that revenue from its Macau operations fell 35.8% to $617 million, while revenue from its Las Vegas operations fell 6.2% to $423.5 million.
Wynn Resorts said its second-quarter profit fell as gambling revenue in Macau continued to decline. Macau is the only region in China where gambling is legal. Last quarter, the company posted a loss, hurt by losses in its Macau operations, and cut its dividend to 50 cents from $1.50 a share.
Yesterday, Wynn also announced that it approved a cash dividend of 50 cents per share, payable on August 20 to stockholders.
Shares of Wynn closed at $96.03 in Wednesday's regular trading session.
Las Vegas-based Wynn Resorts is a developer, owner and operator of destination casino resorts with two segments: Las Vegas and Macau operations.
Separately, TheStreet Ratings team rates WYNN RESORTS LTD as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate WYNN RESORTS LTD (WYNN) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. Among the primary strengths of the company is its expanding profit margins over time. At the same time, however, we also find weaknesses including deteriorating net income, weak operating cash flow and feeble growth in the company's earnings per share."
You can view the full analysis from the report here: WYNN Ratings Report