Wynn Shares Surge As Palace Results Overshadow Earnings Miss

By Wallace Witkowski Markets MarketWatch Pulse

Wynn Resorts Ltd. shares rallied in the extended session Thursday even after the casino operator's earnings missed Wall Street targets. Wynn shares surged 7.3% to $102.50 after hours. The company reported fourth-quarter earnings of $1.12 a share, up from 86 cents a share in the year-ago period, owing to strong results from its Wynn Palace resort. Revenue rose to $1.3 billion from $946.9 million a year ago. On an adjusted basis, Wynn reported earnings of 50 cents a share. Analysts surveyed by FactSet had estimated adjusted earnings of 87 cents a share on revenue of $1.26 billion.

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