UPDATE 1-Wynn meets 3rd-quarter estimates, sets $8 dividend
LOS ANGELES, Nov 2 (Reuters) - Casino operator Wynn Resorts Ltd's quarterly profit met Wall Street estimates as revenue in Macau rose 50 percent and it made more money in Las Vegas. The company also said it would pay a cash dividend of $8 per share on Dec. 7 to stockholders of record on Nov. 23. Gambling revenue has soared so far this year in Macau, the only place in China where gambling is legal, while the Las Vegas Strip has grappled with a glut of new hotel rooms and casinos. The company, which operates two casino-resorts in Macau and two in Las Vegas, reported a net loss of $33.5 million, or 27 cents per share, compared with net income of $34.2 million, or 28 cents per share, a year earlier. Excluding one-time items such as a $64.2 million loss on extinguishment of debt, Wynn earned 39 cents per share, matching the average analyst estimate, according to Thomson Reuters I/B/E/S. Net revenue rose 29 percent to $1 billion. Analysts had expected $990.8 million. Wynn's revenue in Las Vegas rose 3 percent, while adjusted property earnings rose 9.3 percent due primarily to higher non-gambling revenue. Property earnings in Macau rose 54.5 percent. (Reporting by Deena Beasley; editing by Andre Grenon) Keywords: WYNNRESORTS/ (deena.beasley@thomsonreuters.com +1-213-955-6746) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.
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