Luxury casino operator Wynn Resorts Ltd. announced that revenue gains at a gambling site in Macau, China helped to deduce the company’s fourth-quarter loss to $5.2 million.
Quarterly profit also benefited from the Encore Las Vegas, which opened in December. The Encore tacked on $159.6 million in losses that quarter but has since become a source of profit for Wynn.
Wynn’s enterprise has suffered dramatically through the recession, particularly in 2009. Extravagant spending has become highly unpopular particularly in recent times as it becomes clear the recession is not on its way out. There is perhaps no better indicator of sentiments on spending on this kind than the company’s sliding earnings. In 2008, the company earned $210.5 million, ten times the $20.7 it brought in for 2009.
Wynn predicts that the numbers in Vegas will stay low for some time and is relying somewhat on international profits to compensate for losses.
For the fourth quarter that ended Dec. 31, Wynn Resorts earned $10.3 million, or 8 cents per share, skimming above predicts of 7 cents.
Shares of Wynn slid 55 cents to $62.25 Thursday.
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