Wynn Resorts, which sold off to below $139 earlier in the day, shot up in post-market trading Tuesday after the hotel and casino operator reported a hearty surprise in profits for its first quarter earnings. The report provided a strong direction for investors’ mixed feelings about the stock. Shares were up 2.9% to $143 at 4:40 pm.
Increases in revenues by 46% at Wynn’s Macau and 24% at Wynn’s Las Vegas properties were driven by higher room occupancies from a second hotel in Macau and strong results in the properties’ non-casino operations, as well as by improved casino traffic in Las Vegas. Net revenues for the first quarter of 2011 were $1.2 billion, a 39% spike over the year before, and beating the analyst estimate for $1.16 billion.
The company reported a net income excluding special items of $173.8 million, or $1.39 per share, compared to $27 million or 22 cents per share a year ago. The profit beat the analyst estimate for 76 cents per share by a wide margin.
Wynn, which separates the VIP table games and the mass market tables in its report, said that turnover at tables games in Macau’s VIP segment increased 45% during the first quarter, passing through $29.3 billion in cash in the Asian-gambling hot spot’s Wynn casinos, located just south of Hong Kong.
Activity in the tables and slot machines in both Macau and Las Vegas increased during the quarter. Gross revenue for non-casino revenues increased by 50% in Macau and 10% in Las Vegas, with jumps in revenue per available room rates (RevPAR) in both locations.
Wynn Reports also announced a dividend of 50 cents per share, payable to shareholders on May 17 this year. The company said it had $3.2 billion in total outstanding debt at the end of the quarter, including $2.6 billion of Wynn Las Vegas debt and $551 million of Wynn Macau debt.
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