We just got earnings out of Wynn Resorts Ltd. (NASDAQ: WYNN). The ultra-high-end casino operator posted non-GAAP EPS of $1.11 on revenues of $825.2 million (after a 50% gain in Macau revenues). Estimates from First Call were $0.93 EPS on just over $828 million in revenues.
The company did note that its net revenue from the Las Vegas casino was$120.7 million versus a prior $159.4 million, which confirms its priorwarning about soft casino money in Vegas earlier this month.
One interesting tidbit here is that it is noting that its Encoreadjacent property in Vegas is expected to open in December and as ofJune 30 its had spent an approximate $1.5 Billion of an expected $2.3Billion budget.
Options traders had been braced for a huge move. So far it looks likethe trading day move -8% to $91.59 was the big move. The initialresponse in after-hours trading has this stock slightly above $92.50 inafter-hours trading.
Jon C. Ogg
July 24, 2008
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