Steve Wynn’s casino empire has released its first results for this year, a set that they will be very pleased with.
When you talk about hasty retreats in the wake of the Black Friday indictments you need look no further than the Wynn Resorts. Their results seem to show that they needn’t have signed up to that deal hastily in the first place.
Net profit for Q1 2011 rose to $173.8m ($1.39 per share), which compared very favourably with a year ago when the figure was $27m ($0.22 per share). In a piece of news that won’t surprise many in the iGaming industry, they had a Far East gambling enclave to thank for much of this. Wynn even outgrew the resort though.
Morningstar analyst Chad Mollman told Reuters that Wynn grew slightly faster than Macau, before adding, “Macau continues to do unbelievably.”
There obviously wasn’t a superlative strong enough to describe how well Wynn is doing. Wynning would have done it, Chad.
On production of the results, Chief Executive Steve Wynn confirmed that construction on their third resort in Macau would commence “any day now” and it’s likely that the new casino and hotel resort will cost between $2bn and $3bn.
In the same conference call, Wynn confirmed that the company will continue to look at opportunities in the online gaming sector following the Black Friday indictments. It’s unlikely that they’ll renege on the deal they signed with PokerStars pre-Black Friday.
Wynn told Forbes.com that, “The situation cries for regulation so that states can get money at a time when they need money and the federal government can get some money at a time when it could use the money. It seems like an intelligent thing to sit down and regulate.”