Wynn Resorts 2Q net income rises, but revenue down

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Associated Press

Posted on July 17, 2012 at 5:01 PM

Updated Tuesday, Jul 17 at 5:03 PM

NEW YORK (AP) — Wynn Resorts says its second-quarter earnings rose from the same quarter last year, which was weighed down by a hefty charge. But revenue fell on lower gambling revenue at its operations in Las Vegas and the Asian gambling center of Macau.

The Las Vegas-based company earned $138.1 million, or $1.37 per share, compared with $122 million, or 97 cents per share, a year earlier.

Revenue fell to $1.25 billion from $1.37 billion a year ago.

The results fell well below Wall Street's forecast. Analysts polled by FactSet expected $1.51 per share on revenue of $1.34 billion.

Wynn Resorts Ltd. said Tuesday its revenue fell 7 percent in Macau and nearly 12 percent in Las Vegas, showing that more people are shying away from spending extra money in a still-shaky economy.

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