Wynn Resorts Soars on Solid Preliminary Results
Wynn Resorts Ltd. (WYNN) was one of the few bright spots in Friday's dark day in the market. As broad markets were crumbling and the price of oil was receding again, Wynn offered solid fourth-quarter preliminary results.
In the fourth quarter of 2015, net revenues from Macau are expected to be in the range of $552 million to $560 million, compared to $761.2 million generated in the fourth quarter of 2014. Operating income for the fourth quarter of 2015 is expected to be in the range of $75 million to $83 million, compared to $157.6 million for the fourth quarter of 2014.
In terms of the Las Vegas operations, net revenues for the fourth quarter are expected to be in the range of $387 million to $395 million, compared to $376.8 million generated in the fourth quarter of 2014. Operating income for the fourth quarter of 2015 is expected to be in the range of $56 million to $64 million, compared to $51.6 million for the fourth quarter of 2014.
ALSO READ: The Largest Employer in Each State
These combined revenues from Macau and Las Vegas are predicting a range of $939 million to $955 million, which compares to the consensus estimate from Thomson Reuters of $958.13 million in revenue.
So far in 2016, Wynn has underperformed the market with the stock down 25% year to date (as of to Thursday’s close). The picture over the past 52 weeks does not get any better, as the stock is down more than 60% during this time.
Shares of Wynn were trading up 8% on Friday to $55.63, with a consensus analyst price target of $76.65 and a 52-week trading range of $49.95 to $160.41.
Related Articles
