Wynn Resorts Ltd., in an effort to help ease investor concerns, released preliminary revenue data Thursday showing Wynn Las Vegas brought in about $4 million per day in the megaresort's first month of operation.

Deutsche Bank analyst Marc Falcone said there has been heavy speculation and many rumors in the marketplace that the $2.7 billion Strip property, which opened April 28, is not doing well financially.

"This (announcement) was made to undercut the gossip," he said. "While Wall Street does not love the property, it's certainly producing strong financial results out of the box."

However, Falcone also cautioned in an investor advisory that although overall revenue trends are exceeding expectations, profit margins for the resort are likely to be soft until the property gains its footing.

It could take several months before the property's real operating potential is clear, as is the case with any casino resort opening, he said.

"For example, in its first quarter, Borgata reported very strong revenues but an (earnings before interest, depreciation, taxes and interest) margin of about 20 percent, and it took several quarters for the property to ramp up its margins. By Borgata's fourth quarter of operation, margins exceeded 30 percent," Falcone said.

"Likewise, we would expect a similar scenario at Wynn Las Vegas. We are projecting total revenue and earnings before interest, taxes, depreciation and amortization of $243 million and $63 million for the second quarter," he said.

Falcone also warned against making any extrapolations from Wynn Las Vegas' initial financial data, which are benefiting from the excitement generated from the property's opening and the strong seasonal results normally expected during spring months in Las Vegas.

Goldman Sachs analyst Steve Kent said the first month of operation actually took the company within range of first-quarter revenue projections.

But, he said, "Net-net, while volume questions were answered, operating cost questions are still unanswered."

Also, a number of operational kinks still need to be worked out at the property, especially check in and the cab and valet lines, Kent said.

Wynn Las Vegas generated total revenue of $141 million, or $4 million per day, for the first 34 days of operation, with gaming revenues of $64 million and nongaming revenue of $77 million.

Of the gaming revenues, $20.2 million came from slots, with a win per machine per day of $304, while $42.7 million came from table games, with a win per table per day of $9,244 through May 31.

Falcone said one important implication from the preliminary financial announcement is that the property is attracting a large amount of high-end play, which is clear from the strong win per table per day number.

Since its opening, Wynn Las Vegas also has had an average daily room rate of $308, well above Wall Street estimates of $235 for the second quarter, with 91 percent occupancy.

Nongaming revenues were $76.6 million, which included $15.4 million in complimentary revenues.

At Bear Stearns, Greff said the results were especially impressive, given that the resort's "Le Reve" show is not doing as well as expected. Wynn Las Vegas has continued showing only one performance per night instead of the two nightly shows that were planned, which means the production is not driving the expected amount of traffic through the casino.

For Las Vegas as a whole, Falcone said it is likely other Strip properties are benefiting from the increased demand sparked by the resort's opening, including the added high- end business.

Wynn Resorts spokeswoman Samantha Stewart refused to disclose any further financial results or to comment on the data.

Local developer Steve Wynn said in a statement he was delighted with the first month of operations. But he could not be reached to comment further.

Wynn is also building the $1.4 billion Encore next to Wynn Las Vegas. It is scheduled to open in 2008, and a $700 million casino in Macau.

Wynn Resorts stock closed Thursday at $53.40, up 6.91 percent from $49.95 the day before, on 6.9 million shares, double normal trading volume. The stock was down 30.1 percent from its March 16 high of $76.45.