Resort company, Wynn Resorts, Limited (WYNN) reported higher first quarter earnings on Friday, which came in above analysts estimates.
The Las Vegas, NV based company first quarter earnings of $203.4 million, or $2.00 per share, up 31% from $140.6 million, or $1.23 per share last year. Adjusted earnings for the quarter were $2.03 per share, from $1.33 per share last year. On average, Wall Street analysts expected to see earnings of $1.55 per share.
Revenue for the quarter increased by 5% to $1.38 billion, from $1.31 billion last year. Analysts expected to see revenue of $1.37 billion.
The company also announced that its board has approved its next dividend of $1 per share which will be paid on May 23 to shareholders of record on May 9. The stock has an ex-dividend date of May 7.
Wynn reported that revenues in Macau rose by 4.4% to $992.1 million. The company has been expanding in Macau, which is the only place in China where gambling is legal. Currently, WYNN is constructing a resort in Macau’s Cotai land which is expected to be open in 2016.
Wynn Resorts shares were mostly flat during premarket trading Friday. The stock has increased 4.5% in the past year.
The Bottom Line
Shares of Wynn Resorts, Limited (WYNN) have a 2.96% yield, based on Thursday’s closing price of $134.91.
Wynn Resorts, Limited (WYNN) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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