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Wynn Achieved Acceptable Results for the 1st Quarter of the Year
On May 3rd, 2008, the Wynn Resorts Limited will not try to reach short term monetary gambling gains by dismissing employees in the face of a weakening economy according to owner Steve Wynn. He said that they will not do anything to disrupt the moral of their employees even if they have suffered a twenty percent drop with their income and it is counterproductive on their goal of achieving good results for the year. They are also planning to develop a hotel facility that has 2,600 rooms and convention facility near the golf course behind the property of Wynn Las Vegas.
Wynn's assurances comes after the announcement of Station Casinos, MGM Mirage, Harrah's Entertainment and smaller gaming organizations have announced that they will be laying of employees because of the weakening economy. Wynn Resorts commented that the increase operating costs helped lower down the company's net profit for the quarter.
The net income of the company decreased by twenty percent to $46.7 million or forty-one cents per share, for the 1st quarter ended March 31st, 2008, which is significantly lower from the $58.4 million or fifty-four cents per share. The decrease of net income comes after as revenues improved 22.5% to $778 million from $635.3 million. But the operating costs are bigger compared with profit growth, growing 30.4%.
The increase was pushed by a $123.7 million increase in casino costs, a $20 million expense due to the cancellation of the Strip resort's "Spamalot" and a $11.2 million depreciation expenses. Organization wide cash flow, stated as earnings before interest, taxes and other expenses, grow four percent to $197.8 million, courtesy of Wynn Macau.
Profit flow from the former Portuguese colony grew from $63.8 to $129.4 million while a smaller total table hold scaled down Wynn Las Vegas's cash flow 38.5% to $68.4 million. Wynn Resorts Chief Financial Officer Matt Maddox commented that the Macau casino produced $1.4 million in cash flow everyday during the 1st quarter of the year.
Robert LaFleur, an analyst from the Susquehanna Financial Group commented that the numbers coming out of Macau were pretty good and Wynn will greatly benefit from it.
19 May 2008
News Submitted by:
Jack Silverman
