Casino resort operator, Wynn Resorts, Limited(
WYNN ) reported a drop in profits Wednesday, and
have doubled their quarterly dividends.
The Las Vegas based company reported third quarter profit of
$112 million, down 12% from last year. Adjusted earnings of $1.48 a
share was the result of 25 million less shares.
The company's large resort, Wynn Macau reported revenue of
$910.5 million, declining by 4.3% percent. Although the company's
Wynn and Encore hotels and casinos reported revenue of $388
million, increasing by 11.8%, that revenue was not enough to offset
the loss at Wynn Macau.
WYNN reported that they will be issuing an $8 per share
dividend, and they plan to double quarterly dividends to $1 in
Wynn Resorts shares were up $3.76, or 3.35% during premarket
The Bottom Line
Shares of Wynn Resorts ( WYNN ) have a 1.78%
dividend yield, based on last night's closing stock price of
$112.29. The stock has technical support in the $100-$105 price
area. If the shares can firm up, we see overhead resistance around
the $120 price level.
Wynn Resorts, Limited( WYNN ) is not
recommended at this time, holding a Dividend.com DARS™ Rating of
3.3 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks , as well
as a detailed explanation of our ratings system here .
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