Wynn Resorts Swings to Q4 Profit, Beating View (WYNN)

Filed in dividend, Gold Investment, o, revenue, shares, Wynn Resorts by on February 11, 2011 0 Comments

Casino operator Wynn Resorts, Limited ( WYNN ) on Friday said it swung to a fourth quarter profit, beating analyst estimates, aided chiefly by a huge jump in its Macau unit. The Las Vegas-based company reported fourth quarter net income of $114.2 million, or 91 cents per share, compared with a net loss of $5.2 million, or -4 cents per share, in the year-ago period. Revenue surged 33% from last year to $1.24 billion. On average, Wall Street analysts expected a much smaller profit of 71 cents per share, on lower revenue of $1.134 billion. On a sour note, however, the company said that although its Macau business remained robust, that the Las Vegas casino market would likely continue to struggle in 2011. Wynn Resorts shares were mostly flat in premarket trading Friday. The Bottom Line Shares of Wynn Resorts ( WYNN ) have a .83% dividend yield, based on last night’s closing stock price of $120.15. The stock has technical support in the $112-$116 price area. If the shares can firm up, we see overhead resistance around the $126-$127 price levels. Wynn Resorts, Limited ( WYNN ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars. Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

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Wynn Resorts Swings to Q4 Profit, Beating View (WYNN)

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