Looking Inside Wynn’s Vault (WYNN)

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By Douglas A. McIntyre Updated Published
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Wynn_logo_2We 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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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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