The slumping Las Vegas economy sent the company's Wynn Las Vegas sales down for the three months ended June 30. However, Wynn Macau's results offset the losses.
Wynn Resorts, which previewed its July 10 earnings to provide investors with an insight into the company's outlook, said Thursday it had net income of $272 million, or $2.42 per share, for the quarter, compared to $89.6 million, or 82 cents per share, a year ago.
The results were boosted by $140.7 million in deferred tax benefits recorded during the quarter. Without those tax benefits, earnings would have been $124.3 million, or $1.11 per share.
Analysts polled by Thomson Financial expected earnings of 93 cents per share. Company earnings of $825.2 million were up 20% from $687.5 million a year ago.
Wynn Las Vegas saw gaming revenue decline to $120.7 million from $159.4 million a year ago. Non-game revenue rose less than 1% for the quarter, while hotel revenue fell 3.1%. Cash flow from casinos reported as earnings before interest, taxes, depreciation and amortization was $81.1 million for the quarter, down from $115.3 million a year ago.
However, Wynn Macau boomed this quarter with 33% revenue and 67.5% cash flow.
The casino posted net income of $529.9 million, compared to $352.5 million a year ago. Cash flow was $155.2 million, compared to $92.7 million a year ago.
Wynn Resorts began building a $700 million encore in Wynn Macau, which is scheduled to open in 2010. 온라인카지노
The company reported earnings after trading on the Nasdaq National Market, where Wynn's stock fell $8.22, or 8.24%, to close at $91.59. The stock immediately jumped about 5% in after-hours trading shortly after the earnings were reported, but fell back below the company's close later in the day.