Wynn Resorts Ltd. (NASDAQ: WYNN) is expected to report its fiscal 2011 first-quarter financial results on Thursday, April 28. In the last four quarters ending December 31, 2010, F's reported earnings per share has met or exceeded analysts' consensus estimate by margins of 0 percent to 85.70 percent.
Analysts have estimated the average EPS of $0.72 for the first quarter of fiscal 2011 against an EPS of $0.26, a year ago. The average estimate for the revenue for the quarter has been increased to $1.14 billion from $908.92 million in the prior year's period. This is an estimated increase of approximately 25.70 percent. In the last 52 weeks, the stock has been trading in the range of $71 to $137.10. The target price of the stock is estimated between the range of $105 and $150 with the mean target price of $129.76.
In recent news, Wynn Resorts and its wholly-owned subsidiaries Wynn Las Vegas and Wynn Capital will own and operate Le Reve, which they've designed to be the preeminent luxury hotel and destination casino resort in Las Vegas. Le Reve will be situated at the site of the former Desert Inn & Casino on the Las Vegas Strip in Las Vegas, Nevada. Wynn Las Vegas, a luxury hotel and destination casino resort located on the Las Vegas Strip, features 2,716 luxurious guest rooms and suites, an approximately 110,000 square foot casino, 21 food and beverage outlets, an on-site 18-hole golf course, meeting space, an Ferrari and Maserati dealership, approximately 74,000 square feet of retail space as well as a theater, two nightclubs and lounges. Encore, an expansion of Wynn Las Vegas opened on December 22, 2008. Encore is located immediately adjacent to Wynn Las Vegas and features a 2,034 all-suite hotel, approximately 76,000 square foot casino, 13 food and beverage outlets, a spa and salon, meeting space, approximately 27,000 square feet of upscale retail outlets as well as a beach club, a theater, two nightclubs and lounges.
Net revenue for the year ended 2010 increased 37.4 percent to $4.2 billion, compared with $3.05 billion in 2009. The revenue increase was driven by a 59.1 percent increase in revenues at Wynn Macau and a 5.4 percent revenue increase from our Las Vegas operations. Adjusted property EBITDA in 2010 increased 55.9 percent to $1.16 billion, compared with $746.2 million for the year ended 2009. The EBITDA increase was driven by a 77.8 percent increase in EBITDA at Wynn Macau and a 10.7 percent EBITDA increase from our Las Vegas operations. Net revenue for the fourth quarter of 2010 was $1.24 billion, compared with $809.3 million in the fourth quarter of 2009. The revenue increase was driven by a 79.4 percent increase in revenue at Wynn Macau and an 8.0 percent revenue increase from Las Vegas operations. Adjusted property EBITDA was $365.2 million for the fourth quarter of 2010, compared with $196.8 million in the fourth quarter of 2009.
Total cash balances at December 31, 2010 were $1.3 billion. Total debt outstanding at the end of the quarter was $3.3 billion, including approximately $2.6 billion of Wynn Las Vegas debt and $651 million of Wynn Macau debt. Capital expenditures during the fourth quarter of 2010, net of changes in construction payables and retention, totaled approximately $55 million primarily related to the Wynn Las Vegas room remodel. The Board of Directors declared a cash dividend of $8 per share on its outstanding common stock. This dividend was payable on December 7, 2010, to stockholders of record on November 23, 2010. The stock will begin to trade ex-dividend on November 19, 2010 during the previous quarter.
On March 25, 2011, the company announced that it has entered into a strategic relationship with PokerStars, the world's largest online poker business. The companies will first work to secure the passage of federal legislation that will finally and conclusively define illegal internet gambling, provide law enforcement with the tools necessary to stop illegal internet gambling, protect consumers by establishing a robust regulatory environment for the safe operation of online poker by experienced operators, and establish a regime for the assessment and collection of taxes.
