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Wynn profit rises 14 per cent in 3Q

3 November 2008

MACAU -- As reported by the Macau Times: "Wynn Resorts said third-quarter profit rose 14 percent as increased gambling in Macau made up for declines in Las Vegas, Bloomberg reported.

"Net income jumped to 51.1 million US dollars from 44.7 million US dollars, a year earlier, Las Vegas-based Wynn said in a Business Wire statement. Revenue gained 18 percent to 769.2 million US dollars, beating the 741.7 million US dollars average estimate of 13 analysts surveyed by Bloomberg.

"The results may signal that billionaire Stephen Wynn's company, with its high-end gambler reputation, has seen business deteriorate less than his rivals. Gambling revenue on the Las Vegas Strip has declined for eight straight months. Wynn set aside more money to cover bad loans made to gamblers in the weakening economy..."

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