Casino resort operator, Wynn Resorts, Limited(WYNN) reported a drop in profits Wednesday, and have doubled their quarterly dividends.
The Las Vegas based company reported third quarter profit of $112 million, down 12% from last year. Adjusted earnings of $1.48 a share was the result of 25 million less shares.
The company’s large resort, Wynn Macau reported revenue of $910.5 million, declining by 4.3% percent. Although the company’s Wynn and Encore hotels and casinos reported revenue of $388 million, increasing by 11.8%, that revenue was not enough to offset the loss at Wynn Macau.
WYNN reported that they will be issuing an $8 per share dividend, and they plan to double quarterly dividends to $1 in 2013.
Wynn Resorts shares were up $3.76, or 3.35% during premarket trading Thursday.
The Bottom Line
Shares of Wynn Resorts (WYNN) have a 1.78% dividend yield, based on last night’s closing stock price of $112.29. The stock has technical support in the $100-$105 price area. If the shares can firm up, we see overhead resistance around the $120 price level.
Wynn Resorts, Limited(WYNN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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