LAS VEGAS (AP) — Wynn Resorts Ltd. says it made more money than expected in the Chinese gambling enclave of Macau, driving its third quarter earnings above analysts' forecasts.
The casino operator reported Thursday that its net income rose to $182 million, or $1.79 per share, for the three months ended Sept. 30. That was up from $112 million, or $1.11 per share, a year ago.
Excluding special items, Wynn made $1.84 per share. That beat analysts' average forecasts of $1.67 per share.
Revenue rose 7 percent to $1.39 billion. Analysts polled by FactSet expected $1.36 billion.
The revenue rise was driven by a nearly 10 percent revenue jump in Macau, which was opened in foreign investors in the early 2000s. Wynn benefited from increased gambling among non-VIP players in Macau, the only place in China where casino gambling is legal.
Las Vegas Sands, which also now makes a majority of its revenue in Macau, had a similarly strong quarter, with net income nearly doubling. In Las Vegas, where growth has been sluggish since the recession, Wynn's revenue increased by just 1 percent.
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