Wynn Resorts Tops Profit Forecasts, Macau Decline Less Than Expected

Shares of Wynn Resorts (WYNN) - Get Report will be in the spotlight in Friday's trading session. The casino operator posted profits which topped Wall Street forecasts. Wynn earned $1.07 a share, on an adjusted basis. Estimates were for profits of $0.80 a share. On the top line, revenue was in-line with forecasts at $998 million. Some highlights from the report included revenue from Wynn's Macau operations which were down 13.8 percent at just a little more than $608 million. Many had expected a bigger decline. Las Vegas revenue was down less than one percent to $389 million. Wynn also issued a $0.50 a share cash dividend. The casino operator also said it expects to open the Wynn Palace, a 1,700 room hotel in Macau in the third quarter of 2016.