UPDATE: Wynn Resorts Posts Upbeat Q2 Earnings, Revenue Misses Estimates

Wynn Resorts

reported better-than-expected second-quarter earnings. However, the company's revenue missed analysts' expectations. The Las Vegas, Nevada-based company posted a quarterly profit of $203.9 million, or $2 per share, versus a year-ago profit of $129.8 million, or $1.28 per share. The year-ago quarter included debt-extinguishment losses of $26.6 million, versus $2.3 million in the latest quarter. Excluding certain items, its adjusted earnings climbed to $2.11 versus $1.51 per share. Its net revenue gained 6% to $1.41 billion from $1.33 billion. However, analysts were projecting earnings of $1.95 per share on revenue of $1.43 billion. Wynn's operating margin rose to 24.2% from 20.6%. Wynn's revenue from Macau operations rose 3.2% to $960.6 million, while average daily rates surged 6.4%. Occupancy increased to 98.4%, from 95.5% in the year-ago period. Wynn's revenue from Las Vegas operations rose 12.5% to $451.4 million. Its average daily rates increased 5.6%, while occupancy increased to 88.4% from 86.9%. Its net casino revenue jumped 28% to $182.5 million. Wynn's shares dropped 3.79% to $202.97 in pre-market trading.