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Casino Company Wynn Resorts Experiences 4th Quarter Loss
On February 27, 2007, popular casino operator, Wynn Resorts Ltd. stated that their losses during the 4th quarter of the fiscal year have increased, yet they are confident that their brand new Macau Casino can help improve their results on Wall Street. The company's losses have reached $55.4 million or equal to $0.55 per share, most likely due to the special distribution to convertible debenture holder that comes from a year loss of $9.9 million or $0.10 per share, which took place last December.
Aside from the special items, Wynn Resorts commented that their adjusted earnings per share were around $0.53 in the previous quarter, compared with expectation of the analysts, which is at $0.47, according to the Thompson Financial Survey.
The company's net profit improved to about $563.6 million from a figure of about $269.4 million from the previous quarter in contrast with the analysts' expectations of about $500.2 million. The opening of Wynn's Macau last September also helped improve the company's net profit.
Wynn Macau has 220 tables, 80 slot machines and about 600 hotel rooms. The gambling casino has already produced about $248.7 million in total revenue. Wynn's overall revenue has grown to about $388.5 million from the previous $131.9 million from the same period last year.
The casino's food and drinks profit has grown to $85.4 million from $64.4 million. The casino also reported that their full year revenue is $628.7 million or an equivalent of $6.24 per share after a prior-year loss of $90.8 million or $0.92 per share. The yearly net profits have also improved to $1.43 billion from about $722 million.
Thursday, March 29 , 2007
Victor Copeland