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"We are again revising our Las Vegas estimates for Wynn based in impressive citywide convention numbers, a record Chinese New Year and better hotel metrics accented with resounding anecdotes or property specific strength during the quarter," Union Gaming Group analyst Bill Lerner said in a research report.
Las Vegas revenues for the first quarter were estimated at $349.7 million, up from $331.8 million. For 2011 revenues were forecast to reach $1.37 billion, up slightly from a previous estimate of $1.3 billion.
In his research report, Lerner attributed the upgrade mostly to strength in the city's convention business this year. In a fourth quarter conference call, Wynn Resorts executives indicated convention would represent 20 percent to 22 percent of all bookings.
In January, Las Vegas convention attendance was 433,390, 3 percent better than anticipated and 5.5 percent better on an adjusted basis, Lerner said.
Shares of Wynn Resorts were up 33 cents, or 0.25 percent, to $133.47 in midday trading on the Nasdaq. Over the last 52-weeks, Wynn Resort shares have traded at a low of $71.00 and reached a high of $137.10.
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