NEW YORK (TheStreet) -- Shares of Wynn Resorts (WYNN) rose 3.74% to $116.92 in afternoon trading Monday after peer company MGM Resorts International (MGM) reported a significant first-quarter earnings beat.
MGM's earnings per share rose 50% to 33 cents, which easily beat the consensus estimate of 13 cents a share. The earnings grew thanks to strong performance at the company's Las Vegas properties.
But revenue declined 11.3% to $2.33 billion, down from $2.63 billion in the same period one year earlier, and below analysts' expectations of $2.4 billion.
Macau, the world's top gambling location, continued to be a problem for MGM, as the Chinese government continues to crack down on corruption in the area. MGM China revenue fell 33% year-over-year to $630 million.
More than 3.6 million shares had changed hands as of 2:54 p.m., compared to the daily average volume of 2,490,200.
Insight from TheStreet's Research Team
Jim Cramer commented on Wynn Resorts in a recent post on Real Money. Here's what Cramer had to say about the stock:
Then there is the "worst may be over" portion of the market. I see three of these: the casinos where Wynn's vaulting gigantically on a 38% decrease in Macau gambling, which, as ugly as that is, was indeed expected. There's the bounce-back in hyper-growth infotainment king Harman (HAR), which had a convoluted quarter, heavily hurt by a strong dollar, but I thought was well explained in an appearance by the CEO, Dinesh Paliwal, on last week's Mad Money.