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
LAS VEGAS -- 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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