Wynn Resorts shares are up over 4% after coming out ahead of analyst predictions in its earnings report and buzz about growing Macau operations and a stronger Las Vegas.
This is big news because
- The company rebounded from a loss of $5.2 million in 2009 to $114.2 million for this year
- Operating revenue rose 79% to $912.15 million
- Macau business is BOOMING. Sales came in at $1.24 billion for its Macau operations.
- Macau will only continue to grow with Wynn’s new project in Cotai and by 2015 China will have built the longest sea bridge in the world to connect Macau with Hong Kong and Shenzen.
- Analysts believe that the Las Vegas gaming industry is finally making a comeback from its worst decline ever.
- UBS analyst Robin Farley wrote that Wynn is most likely looking towards more U.S. projects.
- Wynn Resorts is UBS’ top pick in the gaming space.