Wynn Resorts' third-quarter profits fall 12% on debt-related expenses
October 26, 2012, 12:03 am TWN
LAS VEGAS -- Wynn Resorts Ltd.'s profit fell nearly 12 percent in the third quarter, as a debt-related loss boosted expenses for the casino operator.
Even so, the company's adjusted earnings exceeded Wall Street's expectations, and its shares surged by nearly 4 percent in extended trading after the results were released Wednesday.
The latest quarterly report card showed Wynn's casino resorts in Las Vegas benefited from a stronger gambling business, as its table games and slot machines generating more revenue. Business was weaker at its resort in the Asian gambling center of Macau.
Revenue at Wynn's Las Vegas operations rose nearly 12 percent from a year earlier to US$388 million, buoyed by a 22.6-percent jump in net casino revenue.
Room revenue rose 1.4 percent to US$91 million, with the average daily rate growing nearly 2 percent to US$244 million.