Wynn Resorts’ Profits Massively Outstrip Analyst Expectations
Wynn Resorts Limited has reported fourth-quarter earnings that massively beat analyst’s expectations, furthermore, the company’s revenues from its two Macau properties increased by double-digits.Profits increased to $2.27 per share compared with $1.17 last year and revenue grew by 18% to $1.51 billion.
Analysts had projected revenues of $1.44 billion and after releasing the results Steve Wynn, the chairman and CEO of Wynn Resorts said, “The numbers as usual speak for themselves. Our $1.8 billion in cash flow is very satisfying.”
Overall net income for the fourth-quarter was $213.8 million, up from $111.4 million in the same period of 2012. Revenues from Macau jumped by 24.6% in the quarter to $1.11 billion and in Vegas they rose 2.4% to $400 million.
The results come as Wynn continues to build its second resort in China and is awaiting a final decision on its license application in Massachusetts. If the company receives the license it intends to invest $1.5 billion in Everett, just outside Boston.
Talking about the Everett project Wynn said, “We believe that the opportunity to build in Boston is a really fine business opportunity under the right circumstances. We are feeling pretty confident that we will be successful.”