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
It’s Your Money, Your Future—Own It (sponsor)
Are you ahead, or behind on retirement? For families with more than $500,000 saved for retirement, finding a financial advisor who puts your interest first can be the difference, and today it’s easier than ever. SmartAsset’s free tool matches you with up to three fiduciary financial advisors who serve your area in minutes. Each advisor has been carefully vetted and must act in your best interests. Start your search now.
If you’ve saved and built a substantial nest egg for you and your family, don’t delay; get started right here and help your retirement dreams become a retirement reality.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.