Wynn Resorts Ltd. (WYNN) reported a loss of $38.8 million or $0.30 a share during the quarter that ended on April 30 yet the company’s shares more than doubled following the sale of some eight million shares at $19.50 each in late March. On Friday, the shares closed at $47.46 each.
Las Vegas Sands Corp. (LVS) shares stumbled into April at $2.80 each but rose to $10.50 despite the company’s loss of $87.7 million or $0.14 per share during the first quarter of the fiscal year.
Shares of MGM MIRAGE Inc. (MGM) did even better than LVS during the period rising from $2.40 on April 1 to Friday’s close of $12.58 even after reporting a drop of 20% in revenue during the first quarter.
Even Boyd Gaming Corp. (BYD), which reported a loss of $13.8 million or $0.16 per share after taking a $28.4 million charge against its purchase of Dania Jai-Alai in Florida, saw shares increase from an April 1 level of $3.71 each to Friday’s tops of $12.24 each.
Not all companies reported losses, however. Bally Technologies Inc. (BYI) reported earnings of $29.3 million or $0.52 per share, essentially flat with last year. Yet in the past five weeks, the company’s shares rose from $18 each to Friday’s closing price of $27.24.
Also showing surprising strength was Landry’s Restaurants Inc (LNY), owner of the Golden Nugget casinos in downtown Las Vegas and in Laughlin. The company’s shares have risen from $5 each to Friday’s $9.69. During the first fiscal quarter, the company said it earned $7.4 million or $0.44 per share compared to last year’s $1.5 million or $0.09 per share.
Despite seeing its revenue decline by some 3%, MTR Gaming Inc. (MNTG) reported a profit of $752,000 or $0.03 per share compared to last year’s loss of $2.6 million or $0.10 per share in the quarter that ended on April 30. The company’s shares had fallen as low as $0.86 each but has moved up to Friday’s close of $2.33 each.
Also showing a profit after a series of losses was Lakes Entertainment Inc. (LACO). Earnings for the first quarter reached $1 million as against last year’s loss of $6.9 million.
Among the companies that showed improved results, despite incurring losses during the quarter, were:
Riviera Holdings Corp. (RIV), a loss of $1 million or $0.08 per share compared to last year’s loss of $5.8 million or $0.47 per share.
PokerTek Inc. (PTEK), a loss of $1.8 million or $0.16 per share, slightly better than last year’s loss of $2.1 million or $0.20 per share.