Unlike Las Vegas Sands
Revenue was up 52.9% in the fourth quarter to $1.24 billion, and as expected, Macau led the way. Wynn Macau's revenue increased an incredible 79.4%, and operations from Encore at Wynn Macau helped drive gaming growth. Adjusted earnings per share of $0.91 easily passed Wall Street's expectations of $0.71, and shares have responded by surging 6% today.
As usual at a casino, a little luck usually plays a role in beating expectations. On one particularly lucky day in Macau, Wynn racked up a gaming win of $46 million in just 24 hours. Someone had to be leaving Macau in a bad mood after that!
Las Vegas continues to disappoint, with Wynn's property EBITDA of just $68.3 million -- growth of 8% -- but as long as the property stays afloat, that's all investors can really ask for. The real focus has turned to Macau.
Moving to Cotai
Speaking of which, Wynn announced that it would begin construction in March or April on a long-anticipated project on the Cotai Strip. The project will cost around $2.5 billion, and Steve Wynn, who isn't one to boast (just kidding), said everyone who sees it says, "Wow."
Ironically, the property is now the site of a landfill, so Wynn is turning garbage into gold in his own way. Since it's just a pile-o-junk right now, the site will need lots of work before real construction begins, and the project isn't likely to be completed until late 2014 or early 2015. Investors have a long wait to see how Wynn can perform on the Cotai Strip, but that wait should be worth it.
Las Vegas Sands and Melco Crown
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