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.
During a conference call with analysts Thursday, CEO Steve Wynn noted the gambling giant’s success overseas.
“You know that we are primarily an Asian company. Thank goodness and God bless that,” he said.
The company is competing for a license in Boston. Last week, Massachusetts regulators issued a report questioning the suitability of Wynn competitor Caesars Entertainment, causing that company to withdraw its bid.
“These states are asking us to come and spend billions of dollars. Now what if we were any other business, they would stand on their head and spit wooden nickels to get billions of dollars invested. But we find ourselves being treated, in many respects, as if they are doing us a favor,” Wynn said.
On Monday, a Tokyo court dismissed a defamation suit filed against the company by a Japanese billionaire who had been Wynn Resorts’ single largest shareholder.
Wynn shares fell 1.9 percent to $169.50 in after-hours trading after rising $6 during the day.
Copyright 2013 The Associated Press.
