One would think this should bode well for Las Vegas Sands (LVS).
Full report here.
- Casino operator Wynn Resorts Ltd.'s first-quarter net income rose more than six-fold as its revenue climbed 39 percent, thanks to a new resort opening in Macau and to the company winning more at table games in Las Vegas, the company said Tuesday. Both Wynn's revenue and profit beat analysts' forecasts.
- Wynn said it earned $174 million, or $1.39 per share, for the period that ended March 31, compared with $27 million, or 22 cents per share, a year earlier. Quarterly revenue at the Las Vegas company run by billionaire CEO Steve Wynn was $1.26 billion, up from $909 million a year earlier.
- Analysts forecast adjusted earnings of 72 cents per share and $1.15 billion in revenue. Wynn said its net income was $1.38 per share, adjusted to exclude less than $500,000 in net one-time costs.
- Wynn Macau revenues jumped 47% on strong growth at the VIP tables and at slot machines, where the handle rose 59.2% in the quarter and win unit per day was up 78.1%. Las Vegas revenues were up 24%.
- Revenue was helped by Wynn's newest hotel and casino, Encore at Wynn Macau, a 410-suite addition that opened in April last year. The development was not part of the company's results in 2010.
- In Macau the average daily room rate to $307 from $282, while revenue per available room — a closely watched industry metric known as RevPAR — rose 6.3% to $272.
- Steve Wynn said in a conference call with investors that the company got luckier than expected at table games in Las Vegas. He also said people spending more on table games and on all the company's offerings led it raise room rates during the first quarter.
- The company said its table games win percentage was 30.4 percent for the quarter, well above its expected range of 21 percent to 24 percent. And the amount of money that visitors cashed in for chips to play at Wynn's tables rose 13.8 percent to $634 million.
- The company's non-gambling revenue in Las Vegas was $249 million, up 10.8 percent. Average room rates rose 18.2 percent to $240, and the company's occupancy rate was 87.9 percent.
- Wynn said on the conference call that the company's board on Monday approved a cash dividend of 50 cents per common share.
[Jun 1, 2009: Fortune - Wynn Resorts - Bull or Bear?]
[Apr 12, 2009: 60 Minutes - The King of Las Vegas; Steve Wynn]
[Feb 13, 2009: Leaving Las Vegas.... Literally]
[Dec 23, 2008: Wynn Encore Casino Struggling to Fill Rooms During Launch]