Wynn Up In After Hours After Earnings Beat (WYNN)

Shares of Wynn Resorts, Limited WYNN are up 2.5% in after-hours trading after the casino operator reported better than expected earnings. The company earned $1.39 per share in the first quarter on revenues of $1.26 billion, better than the 72 cents and $1.15 billion in revenues Wall Street had expected. The company said Las Vegas revenue rose 24 percent, while Macau revenue jumped significantly as well, rising nearly 47% to $865.7 million, up from $590.6 million in Q1 2010. Net revenues for the first quarter of 2011 were $1,260.3 million, compared to $908.9 million in the first quarter of 2010. The revenue increase was driven by a 46.6% increase in revenues at Wynn Macau and a 24.0% revenue increase from our Las Vegas operations. Adjusted property EBITDA(1) was $405.0 million for the first quarter of 2011, compared to $241.9 million in the first quarter of 2010. The company also announced its 50 cent per quarter dividend, which is payable on May 17, 2011 to stockholders of record on May 3, 2011.