Wynn (WYNN) Q3 Profits Fall As Gamblers Spend Less
WYNN Hot Sheet
Revenue Growth %: +4.0%Financial Fact:
Provision for doubtful accounts: 18.06M
Today's EPS Names:
TARO, BRLI, TLB, More
Wynn Resorts Limited (NYSE: WYNN) is moving down as the company reported third-quarter EPS drops from the year-ago quarter as gamblers are spending less.
The company reported third-quarter EPS of $0.33, ex-items, ahead of the market estimate of $0.15. Revenue for the third-quarter was $773.1 million, which compares to the estimate of $723.26 million.
While revenue increased slightly in the third-quarter for Wynn, the EPS fell from the year-ago results of $0.49. Net income results also dropped from the same quarter a year ago, to $34.1 million from $51.2 million.
Revenue in the third-quarter was given a boost from the opening of the Encore at Wynn Las Vegas casino resort, which debuted in December 2008. The numbers were not included in the company’s results from the prior year.
Also, Wynn raised $1.63 billion from an IPO in the Hong Kong Stock Exchange helping the revenue jump by 1 percent in the third-quarter.
Wynn did report increases in revenue from entertainment, food and room, to help offset the drop in gambler spending in the company’s casinos.
Wynn is currently moving at $57.85, down by 8.28 percent in early market trading following the reported results.
The company reported third-quarter EPS of $0.33, ex-items, ahead of the market estimate of $0.15. Revenue for the third-quarter was $773.1 million, which compares to the estimate of $723.26 million.
While revenue increased slightly in the third-quarter for Wynn, the EPS fell from the year-ago results of $0.49. Net income results also dropped from the same quarter a year ago, to $34.1 million from $51.2 million.
Revenue in the third-quarter was given a boost from the opening of the Encore at Wynn Las Vegas casino resort, which debuted in December 2008. The numbers were not included in the company’s results from the prior year.
Also, Wynn raised $1.63 billion from an IPO in the Hong Kong Stock Exchange helping the revenue jump by 1 percent in the third-quarter.
Wynn did report increases in revenue from entertainment, food and room, to help offset the drop in gambler spending in the company’s casinos.
Wynn is currently moving at $57.85, down by 8.28 percent in early market trading following the reported results.
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