Harrah's Entertainment:
"Harrah's is in the process of being taken private, so their earning had little sway
in the stock market. For their pending private equity buyers, there was some good news and some less than good news. In the third quarter of 2007, Harrah's total revenues grew by 13 percent when compared to the same period a year ago. Its third quarter adjusted earnings per share grew by 6.4% to $1.00 per diluted share from $0.94 per diluted share for the prior year, but still falling short of Wall Street's expectation of $1.05 per diluted share." MGM Mirage:
"Wall Street had reduced their expectations for MGM Mirage's third quarter results, but apparently hadn't reduced them enough. MGM reported a third-quarter net income
increase of 18 percent to $183.9 million, or 62 cents per share, compared to $156.3 million, or 54 cents per share, for the same period a year ago."Wynn:
While MGM has to wait for validation its Macau investment, the third quarter served as both validation and vindication for the Wynn's Macau property. Wynn Macau opened on September 6, 2006 and only had 25 days of operation for the same period last year. With a full quarter of results to report this quarter, Wynn Macau generated net revenues (after discounts and commissions) of $347.7 million and adjusted
property EBITDA of $92.8 million. Overall the company boosted adjusted net income in the third quarter to $73.4 million, or $0.67 per diluted share compared to an adjusted net loss of $1.3 million, or ($0.01) per diluted share in the third quarter of 2006. Not to be outshined by its baby Asian sister, Wynn Las Vegas generated adjusted property EBITDA of $93.2 million, a 20.6% increase from the third quarter of 2006.
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