LAS VEGAS (dpa-AFX) - Wynn Resorts Limited (WYNN) Tuesday reported increased profit for the second quarter that topped estimates, but revenues fell short of expectations. The stock fell over 3 percent in pre-market trading.
Net income attributable to the company increased to $203.9 million or $2.00 per share from $129.8 million or $1.28 per share in the second quarter of 2013. Adjusted net income attributable to the company was $215.1 million or $2.11 per share, while it totaled $152.9 million or $1.51 per share last year.
On average, 19 analysts polled by Thomson Reuters expected the company to report earnings of $1.95 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the second quarter were $1.412 billion, compared to $1.332 billion in the second quarter of 2013. Wall Street expected revenues of $1.43 billion for the quarter.
The company attributed the growth in revenue to a 12.5 percent increase in net revenues from its Las Vegas Operations and a 3.2 percent net revenue increase from its Macau Operations.
Macau Operations generated net revenues of $960.6 million, compared to $930.9 million last year. Average daily rate or ADR improved 6.4 percent to $334 million.
The Las Vegas Operations generated net revenues were $451.4 million, compared to $401.4 million last year. Net casino revenues increased 28 percent to $182.5 million, while room revenues were up 7.3 percent to $107.9 million. ADR increased 5.6 percent from last year to $283.
Wynn Resorts also announced that the company has approved a cash dividend for the quarter of $1.25 per common share. This dividend will be payable on August 26, to stockholders of record on August 12.
WYNN, which closed up 3.2 percent at $210.97 on Monday, is losing 3.7 percent in pre-market activity.
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