Wynn Resorts 2nd Quarter Profit More Than Triples - 8 News NOW

Wynn Resorts 2nd Quarter Profit More Than Triples

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Wynn Resorts Ltd. says its second-quarter earnings more than tripled due to a hefty tax benefit and strong revenue growth at the Las Vegas-based casino operator's Macau property.

Earnings jumped to $272 million, or $2.42 per share, from $89.6 million, or 82 cents per share, in 2007. The results included a $140.7 million tax benefit.

Excluding special items, earnings totaled $124.3 million, or $1.11 per share, compared with $100.8 million, or 92 cents per share, a year ago.

Revenue rose 20-percent to $825.2 million, driven by a 50-percent revenue increase at Wynn Macau. At Wynn Las Vegas, net casino revenue fell 24-percent.

Analysts surveyed by Thomson Financial forecast earnings of 93 cents per share on revenue of $828.1 million. They typically exclude special items.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

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