Wynn third-quarter profit rises on Macau gambling
31 October 2008LAS VEGAS, Nevada -- As reported by Bloomberg: "Wynn Resorts Ltd., the biggest U.S. casino company by market value, said third-quarter profit rose 14 percent as increased gambling in Macau made up for declines in Las Vegas.
"Net income jumped to $51.1 million, or 49 cents a share, from $44.7 million, or 41 cents, a year earlier, Las Vegas-based Wynn said today in a Business Wire statement. Revenue gained 18 percent to $769.2 million, beating the $741.7 million average estimate of 13 analysts surveyed by Bloomberg.
"The results may signal that billionaire Stephen Wynn's company, with its high-end gambler reputation, has seen business deteriorate less than his rivals. Gambling revenue on the Las Vegas Strip has declined for eight straight months. Wynn set aside more money to cover bad loans made to gamblers in the weakening economy..."