Wynn Resorts Ltd. said its fourth-quarter profit rose 92%,
fueled by revenue gains from the company's casino operations in
Macau.
Wynn and other casino companies have cashed in on their
operations in highly scrutinized Macau, the only area of China
where gambling is legal. Wynn has been investigated for its pledge
to donate $135 million to a university in Macau, though the
Securities and Exchange Commission last year informed the casino
operator that it wouldn't recommend a civil enforcement action.
Earlier this month Wynn's Macau operations named Gama Aziz
president, replacing Stephen Wynn in the job. Mr. Wynn--71 years
old, according to the company's website--will continue acting as
the company's chief executive and chairman.
Macau operations posted a nearly 25% increase in revenue to
$1.12 billion for the fourth quarter, with the boost coming from
the company's win at table games and slot machines. Average daily
rates there, meanwhile, rose slightly to $315 from a year ago,
while occupancy ticked up to 96.7% from 96.5%.
Overall, Wynn reported earnings of $213.9 million, or $2.10 a
share, compared with $111.4 million, or $1.10 a share, in the
prior-year period. Excluding property charges, debt extinguishment
and other items, earnings rose to $2.27 from $1.17.
Revenue rose 18% to $1.52 billion. Las Vegas operations posted a
2.4% increase to $400 million.
Analysts surveyed by Thomson Reuters had expected earnings of
$1.73 a share and revenue of $1.44 billion.
Operating margin rose to 24.2% from 20%.
Shares of Wynn rose 1.8% to $205.10 in recent after-hours
trading.
Write to Michael Calia at michael.calia@wsj.com
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