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Wynn Profits Triple In 2Q

Wynn Las Vegas Lost 24 Percent In Revenue, Officials Say

POSTED: 3:32 pm PDT July 24, 2008
UPDATED: 3:51 pm PDT July 24, 2008

Revenue from its Macau property and a healthy tax benefit have led Wynn Resorts Ltd. to second-quarter earnings that tripled those of 2007, company officials said.

Last year, the gaming company earned $89.6 million, while it gained $272 million during the same period in 2008. That figure, officials said, included a $140.7 million tax benefit.

Revenue also rose 20 percent to $825.2 million, driven by a 50 percent revenue increase at Wynn Macau. At Wynn Las Vegas, net casino revenue fell 24 percent.

Analysts surveyed by Thomson Financial forecast earnings of 93 cents per share on revenue of $828.1 million. They typically exclude special items.

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