Wynn Resorts (WYNN) Stock Rises on MGM Resorts Earnings Beat

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.

If you liked this article you might like

Opposition Party Makes Political Gains in Macau, Changes in Governance Possible

When it Drops, it's Time to Shop: Cramer's 'Mad Money' Recap (Tuesday 9/12/17)

RH, Walt Disney, Wynn Resorts, Nvidia: 'Mad Money' Lightning Round

Typhoon Hato Washes Out Macau With 124 mph Winds, Dries Out Casino Stocks

Hong Kong and Macau Count the Cost of Typhoon Hato