Wynn Q3 earnings beat expectations on Macau growth
LAS VEGAS (AP) -- Wynn Resorts Ltd. says it made more money than expected in the Chinese gambling enclave of Macau, driving its third quarter earnings above analysts' forecasts.
Excluding special items, Wynn made $1.84 per share. That beat analysts' average forecasts of $1.67 per share.
Revenue rose 7 percent to $1.39 billion. Analysts polled by FactSet expected $1.36 billion.
The revenue rise was driven by a nearly 10 percent revenue jump in Macau. Wynn benefited from increased gambling among non-VIP players in Macau, the only place in China where casino gambling is legal.
In Las Vegas, where growth has been sluggish since the recession, revenue increased by just 1 percent.
Wynn shares fell $385, or 2.2 percent, to $169 in after-hours trading after rising $6 during the day.