China gambling propels Wynn's 4Q profit

Published on NewsOK Modified: January 30, 2014 at 5:14 pm •  Published: January 30, 2014
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LAS VEGAS (AP) — Wynn Resorts Ltd. said Thursday that its fourth-quarter profit nearly doubled on gains in Macau, the only place in China where casino gambling is legal.

Net income for the October-December period came to $213.9 million, or $2.10 per share, up from $111.4 million, or $1.10 per share, during the same months in 2012.

Excluding special items, Wynn made $2.27 per share. Analysts polled by FactSet expected $1.72 per share.

Revenue rose 18 percent to $1.52 billion. Analysts polled by FactSet expected $1.43 billion.

Wynn shares rose $9, or 4.5 percent, to $210.51 in after-hours trading.

A 25-percent revenue jump in Macau, stemming from slot machines and table games, drove the increase. Wynn continued to benefit from increased patronage from non-VIP players, who left 35 percent more cash on the table.

Asked on a conference call how the company had managed to lure more casual gamblers, CEO Steve Wynn demurred, saying he didn't want to give his competitors any good ideas.

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