Wynn (WYNN) Greasing Palms in Macau, Just Like the Old Days
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Wynn Resorts (Nasdaq: WYNN) had a solid second quarter, beating on both the top and bottom lines. Adjusting for certain items, earnings were $1.60 per share on revs of $1.37 billion, both beating consensus views calling for EPS of $0.99 and revs of $1.26 billion.
But there's one fun little tidbit in the release that draws a second look. A segment: "Net income for the second quarter of 2011 included a $107.5 million charge representing the present value of a charitable contribution made by Wynn Macau to the University of Macau Development Foundation. This contribution consists of a $25 million contribution made in May 2011, and a commitment for additional donations of $10 million each year for the calendar years 2012 through 2022 inclusive, for a total of $135 million."
Why is Wynn Resorts funding the educational expansion in Macau? In the old days, this using to be called "greasing palms."
Wynn shares are up 2.2 percent in after-hours trading.
But there's one fun little tidbit in the release that draws a second look. A segment: "Net income for the second quarter of 2011 included a $107.5 million charge representing the present value of a charitable contribution made by Wynn Macau to the University of Macau Development Foundation. This contribution consists of a $25 million contribution made in May 2011, and a commitment for additional donations of $10 million each year for the calendar years 2012 through 2022 inclusive, for a total of $135 million."
Why is Wynn Resorts funding the educational expansion in Macau? In the old days, this using to be called "greasing palms."
Wynn shares are up 2.2 percent in after-hours trading.
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