Wynn Resorts misses 1Q estimates on Vegas decline

Wynn Resorts has 19 pct 1Q profit drop, misses estimates, as Las Vegas revenue declines

Associated Press

LAS VEGAS (AP) -- Casino operator Wynn Resorts Ltd. said Monday its first-quarter profit fell 19 percent from a year ago on a decline in business at its Las Vegas operations.

The results came in short of Wall Street forecasts and Wynn's shares slipped in extended trading.

Net income for the first three months of 2012 was $140.6 million, or $1.23 per share, down from $173.8 million, or $1.39 per share, in the same period a year ago.

Excluding certain items, the company put adjusted earnings at $1.33 per share, which fell short of the consensus estimate of $1.40 per share by analysts surveyed by FactSet.

Revenue for the quarter was $1.31 billion, up 4 percent from $1.26 billion in the first quarter of 2011 but slightly below analysts' forecast of $1.33 billion. Wynn said the increase resulted largely from 10 percent higher revenue from its Macau operations, although much of that was offset by the 8 percent drop in revenue in Las Vegas.

Wynn said it racked up $950.7 million in revenue in the quarter from its bigger Macau operations as the take from table games climbed while slot machine revenue declined.

In Las Vegas, net revenue declined to $362.8 million and net casino revenues sank 19 percent to $157.7 million. Slot machine revenue of $718.9 million was flat with a year earlier.

Gross non-casino revenue in Las Vegas climbed 1 percent to $252.3 million, as the decline in hotel revenues was offset by higher revenue from food and beverage, entertainment and other categories.

Shares of Wynn fell $1.76, or 1.4 percent, to $123.43 in extended-hours trading following the release of the earnings report. During the regular session, they lost $2.21, or 1.7 percent, to close at $125.19.

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