Wynn Resorts Ltd. (NASDAQ: WYNN) is scheduled to release its third quarter earnings after the closing bell on Tuesday, November 2, 2010. Analysts, on average, expect the company to report earnings of 39 cents per share on revenue of $990.83 million. In the year ago period, the company reported earnings of 33 cents per share on revenue of $773.07 million.
Wynn Resorts, Limited, together with its subsidiaries, engages in the development, ownership, and operation of destination casino resorts. The company owns and operates Wynn Las Vegas casino resort in Las Vegas, which includes 22 food and beverage outlets comprising 6 dining restaurants, 2 nightclubs, 1 spa and salon, 1 Ferrari and Maserati automobile dealership, wedding chapels, an 18-hole golf course, meeting space, and foot retail promenade featuring boutiques.
In the preceding second quarter, the Las Vegas, Nevada-based company's net income was $52.4 million, or 42 cents a share, from $25.5 million, or 21 cents a share, in the year-ago quarter. On an adjusted basis, the company earned 52 per share in the latest quarter. Revenue surged to $1 billion from $723.3. Analysts, on average, expected the company to report earnings of 42 cents per share on revenue of $992.29 million.
Wynn is also seeing success in Asia with its Wynn Macau operation. Wynn's best news came from Macau, the Chinese gambling enclave, where revenue spiked to $714.4 million from $410.4 million. Wynn Macau's average daily room rate spiked to $287 in the second quarter, up from $263 even as occupancy fell to 81.3% from 86.7% largely due to the addition of hundreds of new rooms and villas. Revenue per available room, a key industry metric known as RevPAR, was $234, up 2.5% above 2009 levels of $228.
Macau's August gambling revenue rose 40% from a year earlier, slowing from July's 70% because of a higher base effect. August revenue totaled MOP15.8 (US$2.0 billion), nearly flat from July's MOP16.3 billion, but up significantly from MOP11.3 billion a year earlier, according to data from Macau's Gaming Inspection and Coordination Bureau. August's revenue figure is the third highest so far this year after the record MOP17.1 billion hit in May and July's total.
Las Vegas Strip — which accounts for more than half the total — gambling revenue spiked a whopping 21% to $544 million on brisk table volumes and stabilizing slot-machine play.
Revenue collected on Las Vegas' main strip of casinos surged 21% to $544.4 mil in Aug., and revenue for all Nev. casinos climbed 12% to $944.5 mil, signaling a possible rebound from a two-year slump.
We hope for continued improvement in Las Vegas or -- let me put it different, we hope that we'll get smarter in Las Vegas in dealing with the peculiarities of this market, and this very, very mercurial, national economic market we're living wit
In terms of stock performance, Wynn shares have gained nearly 81 percent since the beginning of the year.
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