Wynn Investors Not Expecting Much With Third Quarter Revenue
Wynn Resorts is the most stable of all the casino gaming stocks in the US. That does not mean, however, that every time they report revenue results the news is good. That may be exemplified on Tuesday.
Wynn is planning on releasing their third quarter figures for 2009 on Tuesday and investors are planning for the worst. The company, as is the case with many of the US-based gaming companies, could have experienced a sharp decline in revenue from last year at the same time.
In the third quarter of 2008, Wynn Resorts had profits of $.62 a share. The total revenue for the third quarter of 2008 was $769 million. That figure is expected to be down to around $740 million for the third quarter of this year.
Even with the sharp decline, investors are not prepared to jump ship. Wynn has remained the most stable of all the US casino stocks and their future looks solid. The company recently completed a $1.6 billion initial public offering in Asia.
Wynn is also now listed on the Hong Kong Stock Market and their stake in the Macau casino gambling industry will soon be increased. Construction is under way for a new casino resort in Macau.
The beginning of trading in Hong Kong has gone smoothly for Wynn. After the initial public offering, Wynn stock jumped seven percent on the first day the stock was traded in Hong Kong. It has not continued on that torrid pace, but is still a hot stock in Hong Kong.
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