Wynn Q2 earnings fall short as Macau growth stalls
Wynn Resorts Ltd. says it made less money than expected in the Chinese gambling enclave of Macau, and its second quarter missed analysts' forecasts.Photo: Video by ktnv.com
LAS VEGAS (AP) -- Wynn Resorts Ltd. says it made less money than expected in the Chinese gambling enclave of Macau, and its second quarter missed analysts' forecasts.
Excluding special items Wynn made $1.51 per share on revenue of $1.33 billion in the latest quarter.
Analysts polled by FactSet forecast, on average, earnings of $1.57 per share on revenue of $1.34 billion
Revenue from Wynn's two properties on the recently sluggish Las Vegas Strip soared by 16.2 percent compared with last year. But revenue in the usually robust Macau market was up by just 2.6 percent, due in part to hotel renovations that limited the number of available rooms.
Total revenue was up by 6.3 percent.
Wynn shares rose 18 cents to $131.16 in afternoon trading.