This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: By Beth Jinks - Feb 10, 2011 Wynn Resorts Ltd ., owner of the Wynn and Encore casinos, reported fourth-quarter profit that beat analysts’ estimates after opening a second resort in Macau . Net income of $114.2 million, or 91 cents a share, compared with a loss of $5.22 million, or 4 cents, a year earlier, Las Vegas-based Wynn said today in a statement. Profit exceeded the 70-cent average of 21 analysts’ estimates compiled by Bloomberg. Macau is booming as Wynn’s Las Vegas home market recovers from its steepest gambling and convention decline. The company opened Encore Macau in April, doubling its presence in the world’s biggest casino market, where overall gambling revenue surged 58 percent last year. “Macau, that market is very robust,” founder and Chief Executive Officer Steve Wynn said today on a conference call. In Las Vegas, “I think ‘11 is better than ‘10. The indicators about visitation and room rate and convention bookings, which are very important for the midweek period, are pointing...
View Full Document
- Spring '11