* Adj EPS 52 cents
* Revenue rises 43 percent to $1 billion
* Shares fall 3.3 percent
(Recasts with spike in Macau winnings, adds analyst comment,
company comment, updates stock price)
By Deena Beasley
LOS ANGELES, July 29 Casino operator Wynn
Resorts Ltd's (WYNN.O) quarterly profit more than doubled as
revenue in Macau rose 74 percent, but much of the beat came
from a spike in casino winnings, and shares fell more than 3
Gambling revenue has soared so far this year in Macau, the
only place in China where gambling is legal, while the Las
Vegas Strip continues to grapple with a glut of new hotel rooms
and casinos. Wynn warned last week that its Las Vegas results
fell short in the second quarter.
"The numbers were spectacular in Macau and people expected
them to be spectacular," said Union Gaming analyst Bill Lerner.
"If you adjust for better hold -- better luck at Wynn in Macau
-- the numbers were in line or close to it."
Quarterly VIP table game volume at Wynn's Macau properties
rose 72 percent year-over-year to $21.7 billion, of which the
casino won 3.2 percent -- which was higher than the normal
range of 2.7 percent to 3 percent.
"They beat ... it looks like they played pretty lucky in
Macau," said Hudson Securities analyst Robert LaFleur.
The company, which also operates two casino-resorts in
Macau and two in Las Vegas, reported a net profit of $52.4
million, or 42 cents per share, compared with $25.5 million, or
21 cents per share, a year earlier.
Adjusted for one-time items, Wynn earned 52 cents per
share, which beat analysts' estimates, including the Thomson
Reuters StarMine SmartEstimate of 45 cents a share.
SmartEstimates give more weighting to analysts with a history
Net revenue rose 43 percent to $1 billion, in line with the
Wynn's revenue in Las Vegas rose just 1.7 percent, while
adjusted property earnings fell 14 percent due to higher
Property earnings in Macau rose 84 percent.
Chief Executive Steve Wynn, speaking on a conference call,
said the company is planning a third Macau resort and is
revamping its namesake Wynn Las Vegas property to attract
higher-paying corporate customers.
The company expressed "cautious optimism" about a recovery
in Las Vegas, but noted that it has yet to see a rebound in
"The market these days is not willing to pay for any
confidence in Vegas," Lerner said.
Shares of Wynn fell 3.3 percent, or $2.95, to $84.90 after
closing at $87.85 on Nasdaq.
(Reporting by Deena Beasley; Editing by Steve Orlofsky, Gary
Hill and Carol Bishopric)