Casino Hot Stock: Wynn Resorts (WYNN) Announces Q2 Results, Revenue of $1 Billion

Wynn Resorts Limited (NASDAQ: WYNN) recently reported its second-quarter financial results. The company reported second-quarter net revenue of $1 billion, compared with $723.3 million reported for the same period last year. The increase in revenue was primarily due to a 74.1% increase in net revenues at Wynn Macau. The company reported adjusted property EBITDA of $281.4 million, up from $192.7 million reported for the same period last year.

Wynn Resorts reported second-quarter GAAP net income of $52.4 million, or $0.42 per diluted share, compared with $25.5 million, or $0.21 per diluted share reported for the same period last year. The company reported adjusted net income of $64.9 million, or $0.52 per diluted share, for the second quarter of 2010, compared with $11.5 million, or $0.09 per diluted reported for the same period last year.

Adjusted property EBITDA at Wynn Macau, for the second quarter of 2010, were $216.2 million, compared with $117.2 million reported for the same period last year. Wynn Macau had an Average Daily Rate (ADR) of $287, for the second quarter of 2010, compared with $263, for the second quarter of 2009. Wynn Resorts’ second-quarter financial results were largely driven by strong results at Wynn Macau. As the U.S. economy recovers gradually, the company’s financial performance is likely to be driven by the Macau division over the next few quarters.

At the end of the second quarter, Wynn Resorts had $1.9 billion in cash on its balance sheet. The company’s total outstanding debt at the end of the quarter was $3.2 billion.

Wynn Resorts also announced that its board gave approval to cash dividend of $0.25 per common share, for the second quarter of 2010. The dividend will be payable on August 26, 2010.

Shares of Wynn Resorts are down in today’s trading. The stock touched a low of $83.26 in mid-day trading. At last check, it was down 2.63% to $85.54, with volume at 2.57 million.

The Wynn Resorts stock has a 52-week range of $47.26-$93.99. Year-to-date, the stock has gained 46.01%. Currently, the stock trades 20, 50 and 100 day moving averages, which indicates that investors are still bullish. The stock has seen support at $85.79. It has faced strong resistance at $89.87.

Currently, analysts have a consensus recommendation of Outperform on Wynn Resorts. The stock has 8 Buy, 11 Hold, 1 Underperform and 1 Sell rating, at the moment.

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