LAS VEGAS – (Associated Press) – Lower gambling revenue and continuing costs of opening its newest casino, Encore at Wynn Las Vegas, punished Wynn Resorts Ltd., but the 91 percent drop in profit it reported Thursday topped forecasts, and its shares soared. The company, run by billionaire and major stockholder Steve Wynn, reported profit of $25.5 million, or 21 cents per share, down from $272 million, or $2.42 per share last year. Adjusted to exclude one-time items, net income totaled 9 cents per share, beating analyst expectations of a penny loss per share. "All in all, we’re satisfied as you [ Read More ]
Archive for July 28th, 2009
Online gaming laws are in a constant state of confusion these days. In the United States, the debate has been raging on for years ever since the creating of the Unlawful Internet and Gambling Enforcement Act. It seems sometimes as though companies are engaging in a massive shell game just to remain legally compliant while maintaining profitability. Events this week however, show that the issues are not just limited to America. Yesterday, PokerStars customers living in Italy discovered something unexpected when they logged into their accounts. Rather than logging into the main Poker Stars portal, they were instead re-routed into [ Read More ]
