Wynn Resorts Limited has announced that it has seen a second quarter drop in it’s casino operations. Lower casino revenue is blamed for an 18% drop for the quarter to $508.3 million from $623.6 million a year ago. Wynn’s stock has still performed enough for an above analyst expectation earnings per shair that has lead to a surge of more than 14% of late.
The company based in Las Vegas with casinos in Macau, reported a GAAP net income for the second quarter of $25.5 million or $0.21 per share, compared to $272.0 million or $2.42 per share for the year-ago quarter. Although this is a lower result than last year, analysts were predicting a loss per share. The news shows that Wynn Macau is holding steady through this current recession. The current trend of lower casino traffic, shorter stay and decrease spending by visitors has meant all casinos have had to down grade earnings forecasts.
In Macau, the Wynn casino fell 23% to $410.4 million in the second quarter compared to $529.9 million a year ago. Room occupancy has fallen to 86.7% from 87.9% last year, generating revenue of $228 per available room in the second quarter, which again is lower by 6.6% from last year’s $244 per room.
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