- Adjusted earnings there and in Las Vegas top analysts' views
- Early announcement frees executives to purchase the shares
Wynn Resorts Ltd. rose 13 percent in New York after the casino owner reported fourth-quarter preliminary results that beat analysts’ estimates.
In Macau, adjusted earnings before interest, taxes, depreciation and amortization will be $156 million to $164 million, the company led by Steve Wynn said Friday in a statement. The high end exceeded the $162 million average of analysts’ estimates, Deutsche Bank’s Carlo Santarelli said in a note Friday. In Las Vegas, Wynn earned $123 million to $131 million, compared with the $111 million consensus estimate cited by Santarelli.
“We expect the announcement to serve as a positive catalyst in a difficult market today,” Santarelli said.
Wynn rose to $58.37 at the close. The company, like other casino operators in the Chinese enclave of Macau, has been hit hard by a slump in betting, particularly from high rollers. Its shares declined 53 percent last year.
Securities regulations prohibit executives from talking about earnings and buying and selling shares in the so-called quiet period before the results are released. By announcing preliminary earnings, Wynn Resorts freed its executives to resume open-market purchases of the stock, according to Harry Curtis, a Nomura Securities analyst.
The company is expected to announce its full results at the end of the month or early in February, spokesman Michael Weaver said in an e-mail.