* Q1 EPS $2.03 vs est. $1.55
* Q1 rev $1.38 billion, meeting estimates
* Operating margin 24.2 pct vs 19.8 pct
April 25 Wynn Resorts Ltd posted a
first-quarter profit that handily beat Wall Street expectations
as operating margins got a boost from a drop in general and
administrative expenses and entertainment and retail costs.
Wynn's Macau casino operations, which account for more than
70 percent of the company's total revenue, also showed an
improvement after underperforming in recent quarters.
Revenue from Macau rose 4.4 percent to $992.1 million after
falling 9.7 percent in the fourth quarter.
Gambling revenue in the Chinese territory rose 25.4 percent
to $3.92 billion in March from a year earlier, according to
Macau government data. Revenue in February also rose, thanks
largely to the week-long Chinese new year holiday.
Wynn's total revenue -- including a 6.6 percent increase
$386.6 million from Las Vegas -- rose about 5 percent to $1.38
billion, matching the average analyst forecast.
Net income rose to $203.0 million, or $2.00 per share from
$140.6 million, or $1.23 per share, a year earlier. Excluding
items, net income rose to $205.6 million, or $2.03 per share,
from $151.9 million, or $1.33 per share.
Analysts had expected earnings $1.55 per share, according to
Thomson Reuters I/B/E/S.
The company's operating margin in the quarter improved to
24.2 percent from 19.8 percent a year earlier.
Wynn's shares, which have risen about 17 percent this year,
closed at $134.91 on the Nasdaq on Thursday.