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Wynn Increases Earnings Estimates for Macau Earnings as Revenues Failure



Wynn Resorts Ltd., whose founder and chief executive officer resigned in February for alleged sexual misconduct, is boosted by gambling in the Macau casino enclave.

Worn by its latest Macau estate, Wynn's first quarter earnings rose to $ 2.30 a share, with the exception of a few items, the Las Vegas-based casino company said on Tuesday, surpassing the average analysts' estimates of $ 1.96 per share. Although sales rose by 20 percent, they were only just above the forecasts.

Wynn Resorts is being investigated by the casino authorities in Nevada, Macau and Massachusetts over the actions of former CEO Steven Wynn and the treatment of allegations against him. That did not hurt the results of the company, which owns casinos in Las Vegas and Macau.

Macau, the only part of China where gambling is legal, is recovering from a multi-year slump. New resorts, including one that Wynn opened in August 201

6, have stimulated demand.

Wynn shares fell 0.8 percent to $ 188.55 in extended trading. The stock plunged 1.7 percent to $ 190 at the close in New York, up 13 percent this year.

Wynn reported $ 421.7 million in earnings before interest, taxes, depreciation and amortization from its two Macau casinos, ahead of the $ 414.5 million estimate provided by Consensus Metrix. Total revenue for the quarter increased to $ 1.72 billion, compared to analyst estimates of $ 1.75 billion.


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