Wynn Resorts Limited (WYNN) said Tuesday its second quarter profit increased from last year, due mainly to one-time expenses recorded a year ago. Revenue for the quarter slipped as "lower hold" impacted both its Las Vegas and Macau casino operations.
Excluding items, Wynn's quarterly earnings dropped from last year, falling short of Street estimates. Revenue too came in below expectations.
Moving forward, Wynn updated on its Cotai project, stating it plans to construct a splendid resort, and has currently set an investment range of $3.5 billion to $4.0 billion. The Macau government has already approved the Cotai land concession contract for an initial term of 25 years.
Macau, the world's largest gambling market, is the only place in China where casinos are permitted. The Cotai area is seeing intense activity with rival Las Vegas Sands Corp. (LVS) having opened a grand casino-hotel in April.
In the second quarter, Wynn registered an 11.6 percent year-over-year drop in revenue at the Las Vegas operations, where casinos business waned. At Macau operations, revenues fell 7 percent from last year, on weakness at both Table games and Slot machine handle.
Las Vegas operations' non-casino revenue climbed 5.5 percent, due to increases in the hotel and food and beverage segments, and Macau operations' non-casino revenue was up 2.2 percent.
REVPAR, or revenue per available room at Las Vegas operations rose 3.8 percent from last year, while at Macau operations REVPAR edged up 0.4 percent.
Wynn Resorts reported second quarter net income of $138 million or $1.37 per share, compared to $122 million or $0.97 per share last year.
Results for the prior year included a $107.5 million charge representing the present value of a charitable contribution made by Wynn Macau.
Excluding items, adjusted earnings for the quarter were $139 million or $1.38 per share, compared to $201 million or $1.60 per share last year.
On average, 23 analysts polled by Thomson Reuters expected earnings of $1.51 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenue for the quarter was $1.25 billion, compared to $1.37 billion last year. Nineteen Street analysts estimated revenue of $1.34 billion.
Additionally, Wynn announced a quarterly cash dividend of $0.50 per common share, payable on August 14 to stockholders of record on July 31.
WYNN closed Tuesday at $97.36, up 0.95%, on a volume of 2.3 million shares on the Nasdaq. In after hours, the stock further gained 0.66%. In the past year, the stock traded in a range of $95.10 - $172.58.
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