China Gambling Propels Wynn's 4Q Profit
LAS VEGAS (Associated Press) — Wynn Resorts Ltd. said Thursday that its fourth-quarter profit nearly doubled on gains in Macau, the only place in China where casino gambling is legal.
Net income for the October-December period came to $213.9 million, or $2.10 per share, from $111.4 million, or $1.10 per share, in the same months in 2012.
Excluding special items, Wynn made $2.27 per share. Analysts polled by FactSet expected $1.72 per share.
Revenue rose 18 percent to $1.52 billion. Analysts polled by FactSet expected $1.43 billion. A 25-percent sales jump in Macau drove the increase. Wynn continued to benefit from increased patronage from non-VIP players, who left 35 percent more cash on the table.
Las Vegas revenue rose 2 percent.
Wynn shares are up 6 percent to $207.50 in after-hours trading.
