Wynn Resorts Ltd. (NASDAQ: WYNN) said late Tuesday that its first quarter net income surged to $173.8 million, or $1.39 a share, from $27 million, or 22 cents a share, in the year-earlier quarter. On an adjusted basis, the company earned $1.38 per share in the latest quarter. Revenue jumped to $1.26 billion from $908.9 million in the prior year quarter. Analysts, on average, expected the company to report earnings of 73 cents per share on revenue of $1.15 billion.
Further, Wynn Resorts said its board has approved a cash dividend for the quarter of $0.50 per share. This dividend will be payable on May 17, 2011 to stockholders of record on May 3, 2011.
Shares of Wynn Resorts rose more than 2% in after-hours trading on Tuesday.
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