July 29, 2010 – * Adj EPS 52 cents
* Revenue rises 43 percent to $1 billion
* Shares fall after hours
(Recasts, adds analyst comment, stock price, byline)
By Deena Beasley
LOS ANGELES (Reuters) - Casino operator Wynn Resorts Ltd said on Thursday second-quarter net profit more than doubled as revenue at Wynn Macau rose 74 percent.
Gambling revenue has soared so far this year in Macau, the only place in China where gambling is legal, while the Las Vegas Strip continues to grapple with a glut of new hotel rooms and casinos. Wynn warned last week that its Las Vegas results fell short in the second quarter.
"The numbers were spectacular in Macau and people expected them to be spectacular," said Union Gaming analyst Bill Lerner. "If you adjust for better hold -- better luck at Wynn in Macau -- the numbers were in line or close to it."
Quarterly VIP table game volume at Wynn's Macau properties rose 72 percent year-over-year to $21.7 billion, of which the casino won 3.2 percent, which was higher than the expected range of 2.7 percent to 3 percent.
Shares of Wynn, which closed at $87.85 on the Nasdaq exchange, were lower at $84.40 after hours.
The company, which also operates two casino-resorts in Las Vegas, reported a net profit of $52.4 million, or 42 cents per share, compared with $25.5 million, or 21 cents per share, a year earlier.
Adjusted for one-time items, Wynn earned 52 cents per share, which beat analysts' estimates, including the Thomson Reuters StarMine SmartEstimate of 45 cents a share. SmartEstimates give more weighting to analysts with a history of accuracy.
Net revenue rose 43 percent to $1 billion, in line with the average SmartEstimate. (Reporting by Deena Beasley; Editing by Steve Orlofsky, Gary Hill and Carol Bishopric)
