Wynn Resorts Limited (NASDAQ:WYNN) Leads Gaming Stocks – LVS, MPEL, MGM, WYNN

Casino operator Wynn Resorts, Limited (NASDAQ:WYNN) reported a 12 percent fall in net profit for the third quarter, as losses from debts raised its expenses.

Despite the fall in profit, the earnings re above what analysts had forecast and its shares rose 4 percent in after-hours trading on Wednesday, after having fallen about $2 in normal trading hours.

Excluding one-time items, including $19.7 million in deferred financing costs and fees for amending credit agreements, Wynn's earnings amounted to $1.48 per share. Analysts polled had expected $1.32 per share.

Revenue was flat at $1.3 billion, in line with Wall Street expectations.

Its Las Vegas operations reported a 12 percent growth in revenues to $388 million, boosted largely by a near 23 percent rise in casino revenue.

Room revenue rose 1.4 percent to $91 million, with the average daily rate growing nearly 2 percent to $244 million.

In general the company's operations in Las Vegas were much better both in terms of table games and slot machines. However in Macau in Asia, business was much slower.

Occupancy at Wynn and Encore Las Vegas fell to 85.7 percent from 88 percent a year earlier. While revenue per available room, or revpar, declined 1.2 percent to $209.

At Wynn Macau, revenue fell 4.3 percent to $910.5 million during the quarter, as receipts from the casino's table games and slot machines slowed from a year ago. The company also had fewer slot machines, on average, than a year earlier.

Shares of WYNN ended higher by 7.25% to $120.43 in Thursday’s session. Las Vegas Sands Corp.(NYSE:LVS) climbed 4.43%, Melco Crown Entertainment Ltd (ADR)(NASDAQ:MPEL) surged about 6% and MGM Resorts International(NYSE:MGM) climbed 2.26%.

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Wynn Resorts Limited (NASDAQ:WYNN) Q3 profit falls 12 pct, Shares Soar – LVS, MPEL, MGM

Casino operator Wynn Resorts, Limited (NASDAQ:WYNN) reported a 12 percent fall in net profit for the third quarter, as losses from debts raised its expenses.

Despite the fall in profit, the earnings re above what analysts had forecast and its shares rose 4 percent in after-hours trading on Wednesday, after having fallen about $2 in normal trading hours.

Excluding one-time items, including $19.7 million in deferred financing costs and fees for amending credit agreements, Wynn's earnings amounted to $1.48 per share. Analysts polled had expected $1.32 per share.

Revenue was flat at $1.3 billion, in line with Wall Street expectations.

Its Las Vegas operations reported a 12 percent growth in revenues to $388 million, boosted largely by a near 23 percent rise in casino revenue.

Room revenue rose 1.4 percent to $91 million, with the average daily rate growing nearly 2 percent to $244 million.

In general the company's operations in Las Vegas were much better both in terms of table games and slot machines. However in Macau in Asia, business was much slower.

Occupancy at Wynn and Encore Las Vegas fell to 85.7 percent from 88 percent a year earlier. While revenue per available room, or revpar, declined 1.2 percent to $209.

At Wynn Macau, revenue fell 4.3 percent to $910.5 million during the quarter, as receipts from the casino's table games and slot machines slowed from a year ago. The company also had fewer slot machines, on average, than a year earlier.

Shares of WYNN ended higher by 7.25% to $120.43 in Thursday’s session. Las Vegas Sands Corp.(NYSE:LVS) climbed 4.43%, Melco Crown Entertainment Ltd (ADR)(NASDAQ:MPEL) surged about 6% and MGM Resorts International(NYSE:MGM) climbed 2.26%.

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Zynga Inc (NASDAQ:ZNGA Gaps Up On Earnings Beat - WLL, WYNN, XNPT, ZNGA, BBY

Zynga Inc(NASDAQ:ZNGA) stock surged 13.90% to $2.43 in the opening session after the company reported a third-quarter net loss of $53 million or $0.07 per share, as compared with net income of $13 million or breakeven earnings per share last year.

Adjusted loss for the quarter was $0.4 million or nil per share, as compared with net income of $32 million or $0.04 per share a year ago. Revenues for the quarter rose to $317 million from $307 million in the prior year. Analysts expected a loss of $0.01 per share on revenue estimate of $256.43 million for the quarter.

Separately, investors are also cheering the company’s surprise announcement of a $200 million buyback program.

Whiting Petroleum Corp(NYSE:WLL) shares declined 0.48% to $43.47 after the company reported third-quarter net income of $82.9 million or $0.70 per share, as compared to $206.0 million or $1.74 per share in the same quarter last year. Adjusted net income was $86.9 million or $0.73 per share. Total revenues grew 9% to $530.5 million from $487.6 million in the same quarter last year. Analysts expected earnings of $0.78 per share on revenue of $521.61 million for the quarter.

Wynn Resorts, Limited(NASDAQ:WYNN) stock gained 3.35% to $116.05 after the company’s third quarter net income fell to $112 million, or $1.11 per share, as compared with net income of $127.1 million, or $1.01 per share, a year earlier. Adjusted earnings amounted to $1.48 per share. Analysts expected $1.32 per share. Revenue was flat at $1.3 billion, in line with expectations.

XenoPort, Inc.(NASDAQ:XNPT) reported third quarter loss of $16.80 million or $0.41 per share, as compared to a loss of $18.80 million or $0.53 per share in the same quarter last year. Revenues for the quarter remained flat at $0.4 million, compared to $0.4 million a year ago. Analysts expected a loss of $0.43 per share on revenues of $2.26 million for the third quarter.

Best Buy Co., Inc.(NYSE:BBY) shares declined 6.15% to $15.88 after the company issued a broad warning about its third quarter results. Best Buy said its earnings will be "significantly below" the same 2011 period. The company said comparable store sales would decline in between 3.2% to 5.3%. BBY also projected its gross margin would decline 1%. The company will release results Nov. 20.

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Casino Stocks Slid After Macau’s Revenue Data – LVS, MPEL, MGM, WYNN

This morning, data showed that the Gambling revenue in Macau surged 12.3% in the latest month, which came in below expectations, signaling China's slowing economy is affecting the country’s wealthy mainland gamblers to gamble.

With the second weakest revenue this year, the Macau government on Thursday announced September revenues at 23.87 billion patacas or $2.99 billion.

With the national holiday week, starting on October 1, knocking on the doors, the forecasted growth was an up by 15-17 percent in the tiny enclave on China's southern coast.

The due change in political leadership and slow economy of China serves to be the main reasons for the downfall of revenue generation for Macau's gambling, over the past five months.

The only legal place of gambling for the Chinese in the country is the former Portuguese colony, which is reachable from Hong Kong by ferry in an hour.

Contributing around 40 percent of the casino-crammed hub's GDP is the Macau economy relying heavily on the gambling market.

August registered 0.6 lower visitors, year on year. This clearly indicated a downtrend of visitors.

Of the six competitors operating in Macau, are Las Vegas stalwarts Steve Wynn, through his Wynn Macau unit, and MGM China.

Expanding casino skyline a new hotel and casino was opened in Macau by owner of Sands China, a casino magnate and high-profile Republican donor Sheldon Adelson.

On Thursday, shares of Macau gambling companies fell 3-4 percent in Hong Kong.

While there was a gain of 0.1 percent for the shares of Macau gambling companies on the Hong Kong index.

Victor Yip, analyst at brokerage UOB Kay Hian in Hong Kong quoted "There could be some profit-taking in the short term unless there is anything positive happening on the policy side.”

Las Vegas Sands Corp.(NYSE:LVS) shares slid 2.15%, Wynn Resorts, Limited(NASDAQ:WYNN) slid 0.50%, Melco Crown Entertainment Ltd (ADR)(NASDAQ:MPEL) lost 4% and MGM Resorts International(NYSE:MGM) declined 1%.

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