Wynn Resorts (WYNN) Teeters Prior To Earnings

July 26, 2010, 6:12 am

With gambling revenues in Macau on the rise, the consensus among analysts is that Wynn Resorts (WYNN: 87.87 +0.39%) will report quarterly earnings tomorrow of $0.38 a share on sales of $977 million.

Wynn is expected to post quarter 2 financials before the market opens on Thursday July 29.

In the previous period, Wynn reported revenue up 23% to $908.9 million helped largely from strong gains in Macau. Net income for the period reached $27 million. Wynn beat analysts’ estimates of $0.17 a share with income excluding one-time items reaching $0.26 a share.

While Macau casino operations have seen a large increase in gambling revenue this year, the market peaked in May and may not have a significant impact to offset the revenue decline in Las Vegas.

Although shares of WYNN opened the market yesterday up $0.46, during the session dropped $1.11 to close at $87.53. The stock is however back on the rise up 65% to $88.10 during the afternoon hours ahead of earnings.

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