S&P 500 (NYSE:SPY) component Wynn Resorts, Limited (NASDAQ:WYNN) reported net income above Wall Street’s expectations for the most recent quarter. Wynn Resorts, Ltd. is a developer, owner and operator of destination casino resorts. It owns and operates three: Wynn Las Vegas, Encore at Wynn Las Vegas and Wynn Macau.
Wynn Resorts Earnings Cheat Sheet for the Second Quarter
Results: Net income for Wynn Resorts, Limited rose to $122 million (97 cents per share) vs. $52.4 million (42 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter.
Revenue: Rose 32.4% to $1.37 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: WYNN reported adjusted net income of $1.60 per share. By that measure, the company beat the mean estimate of 99 cents per share. It beat the average revenue estimate of $1.26 billion.
The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 39.4%, with the biggest boost coming in the fourth quarter of the last fiscal year when revenue rose 52.9% from the year earlier quarter.
The company has now topped analyst estimates for the last three quarters. It beat the mark by 65 cents in the first quarter and by 28 cents in the fourth quarter of the last fiscal year.
Competitors to Watch: Las Vegas Sands Corp. (NYSE:LVS), MGM Resorts International. (NYSE:MGM), Pinnacle Entertainment, Inc (NYSE:PNK), Melco Crown Entertainment Ltd (NASDAQ:MPEL), Boyd Gaming Corporation (NYSE:BYD), Asia Entertainment & Resources Ltd. (NASDAQ:AERL), and Monarch Casino & Resort, Inc. (NASDAQ:MCRI).
(Source: Xignite Financials)