Wynn Resorts Q2 Earnings Triple On Strong Revenue Growth

July 24, 2008 8:37 p.m. EST

Las Vegas, NV (AHN) - Wynn Resorts reported on Thursday that second quarter profit tripled as the company's Macau property provided strong revenue growth and a tax gain helped boost earnings.

The casino operator posted second quarter net income of $272 million or $2.42 a share, compared to $89.6 million or 82 cents a share in the period a year ago. Revenue was $825.2 million, up 20 percent from last year.

Excluding the tax benefit and special items, earnings were $1.11 a share, compared to 92 cents a share when excluding such items in the period a year ago.

Analysts were expecting 93 cents a share on revenue of $828.1 million, according to Thomson Financial.

The Macau property increased revenue 50 percent in the second quarter while the Las Vegas location saw revenue fall 24 percent for the quarter.

Las Vegas casinos have been feeling the pinch as airlines cut down on capacity, leading to fewer tourists coming to the city.

"We're not sure what it will mean, but it's part of the passing parade and the current short-term environment," Steve Wynn said in a conference call with investors, according to the Associated Press. "I don't think - as an operator, there's not a hell of a lot you do about it. You're not going to change your way of doing business," he added.

Shares of Wynn finished down $8.22 on Thursday to $91.59 a share.