Wynn Resorts Ltd., owner of the Wynn Las Vegas and properties in Macau, saw its revenue estimates revised upward Wednesday. This time the company's upgrade was based on the strength of its Las Vegas business.
"We are again revising our Las Vegas estimates for Wynn based in impressive citywide convention numbers, a record Chinese New Year and better hotel metrics accented with resounding anecdotes or property specific strength during the quarter," Union Gaming Group analyst Bill Lerner said in a research report.
Las Vegas revenues for the first quarter were estimated at $349.7 million, up from $331.8 million. For 2011 revenues were forecast to reach $1.37 billion, up slightly from a previous estimate of $1.3 billion.
In his research report, Lerner attributed the upgrade mostly to strength in the city's convention business this year. In a fourth quarter conference call, Wynn Resorts executives indicated convention would represent 20 percent to 22 percent of all bookings.
In January, Las Vegas convention attendance was 433,390, 3 percent better than anticipated and 5.5 percent better on an adjusted basis, Lerner said.
Shares of Wynn Resorts were up 33 cents, or 0.25 percent, to $133.47 in midday trading on the Nasdaq. Over the last 52-weeks, Wynn Resort shares have traded at a low of $71.00 and reached a high of $137.10.
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