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Wynn Misses 4Q 2016 Profit Forecasts

LAS VEGAS (AP) — Wynn Resorts Ltd. on Thursday reported fourth-quarter earnings of $113.8 million.

On a per-share basis, the Las Vegas-based company said it had net income of $1.12. Earnings, adjusted for non-recurring gains, came to 50 cents per share.

The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 67 cents per share.

The casino operator posted revenue of $1.3 billion in the period, beating Street forecasts. Four analysts surveyed by Zacks expected $1.25 billion.

For the year, the company reported profit of $242 million, or $2.38 per share. Revenue was reported as $4.47 billion.

Wynn shares have risen 10 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 3 percent. In the final minutes of trading on Thursday, shares hit $95.37, a climb of 50 percent in the last 12 months.

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