Wynn Resorts says revenue growth in its Macau and Las Vegas casinos and an income tax gain helped drive profit up 67 percent in the last three months of 2011.
Earnings rose to $190.5 million, or $1.52 per share, as revenue climbed 9 percent to $1.34 billion. Much of the increase was due to a 9 percent jump in revenue at Wynn Macau, which generates the majority of the casino operator's earnings. Wynn Resorts Ltd. also booked an income tax gain of about $31 million in the latest period.
Excluding one-time items, Wynn's net income totaled $1.55 per share, beating the average analyst estimate of $1.28 per share.
However, total revenue came in shy of the $1.36 billion that analysts were expecting. That shortfall is sending Wynn shares down about 3 percent after-hours.
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