WYNN's revenues are up but earnings are down

May 7, 2012 7:49 PM

Reporting shortly after trading ended on Monday, Wynn Resorts Ltd. (WYNN) showed an increase in revenues but a decline in net profit, primarily attributed to its “lower table holds.”

For the first quarter that ended on March 31, the company said revenues increased to $1.3 billion, compared to last year’s $1.26 billion. Net income fell to $140.6 million or $1.23 per share compared to the $173.8 million or $1.39 per share reported in 2011.

Adjusted property EBITDA (earnings before interest, taxes, depreciation and amortization) dropped to $390.7 million compared to the $405 million reported last year.

A 23.6 percent decline in EBITDA in Las Vegas was primarily due to lower table games hold and partially offset by the 6.9 percent increase in EBITDA from the Macau operations, the company said in an accompanying statement.

In Macau, the company’s net revenues were $950.7 million, a 9.8 percent increase from the $875.7 million reported a year ago. For the quarter in Las Vegas, the company said net revenues declined 8.1 percent to $362.8 million.

As of March 31, the company said its balance sheet showed a cash balance of $1.9 billion with total outstanding debt standing at $5.5 billion.