NEW YORK (TheStreet) -- Shares of Wynn Resorts (WYNN) are up 3.02% to $217.35 after the casino resorts company reported second quarter profit that beat analysts' projections as increased gambling in Las Vegas helped overcome weak growth in the Macau, China, Bloomberg reports.
Earnings excluding some items was up to $2.11 a share, beating the $2.03 average of 18 analysts' estimates compiled by Bloomberg.
Revenue increased 6% to $1.41 billion. Analysts were looking for an average of $1.43 billion.
Revenue from the company's Las Vegas operations jumped 13%, while Macau's was up 3.2%
Net income jumped 57% to $203.9 million, or $2 a share, from $129.8 million, or $1.28, the company said.
Wynn's growth in Macau trailed the industry's in the quarter. Total gambling revenue in Macau gained 5.5% to 90.9 billion patacas, or $11.4 billion, according to Bloomberg Industries research.
TheStreet Ratings team rates WYNN RESORTS LTD as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate WYNN RESORTS LTD (WYNN) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance, growth in earnings per share, increase in net income and expanding profit margins. We feel these strengths outweigh the fact that the company shows weak operating cash flow."