Casino operator Wynn Resorts Ltd. posted better than expected quarterly earnings Tuesday, but a downbeat outlook ruffeled investors and the shares fell 10%. On a conference call with analysts and investors, Wynn executives said bookings for Las Vegas conventions and meetings remain weak and and high end domestic business is still MIA (missing-in-action). Wynn earlier this month raised about US$1.8B via a Hong Kong listing of shares in its Wynn Macau Ltd unit, reported net income of US$34.2M, or 28 cents per diluted share, compared with US$51.2M, or 49 cents per share, in Y 2008. Adjusted for property charges and other items, the Las Vegas-based company posted a profit of 33 cents per share, which beat the average analyst estimate of 15 cents a share, according to Thomson Reuters. Wynn, run by casino mogul Steve Wynn, operates two casino-resorts in Las Vegas and one in Macau, the only place in China where gambling is legal. The company’s second Macau resort, Encore Macau, is scheduled to open April 1.
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