Las Vegas is on the upswing, and people are flocking to casinos and hotels to enjoy some fun time with their improved economic outlook and more disposable income. Our Zacks Bull of the day,
Wynn Resorts Limited ( WYNN - Free Report) is taking a bigger piece of the overall market share, and their recent earnings results prove it. This Zacks Ranked #1 (Strong Buy) 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. Recent Earnings Results On April 26th, WYNN reported Q1 17 earnings results where they easily beat both the Zacks consensus earnings and revenue estimates. On a year over year basis, the company saw gains in the following; Net revenues +47.9%, GAAP net income +34%, adjusted property EBITDA +42.4%. Management also approved a cash dividend of $0.50 per share to record holders as of May 11, 2017. Further, at the end of the quarter the company’s balance sheet boasted of cash and cash equivalents at $2.84 billion. Management’s Take According to Steve Wynn, Chairman and CEO, “ Okay. You can see the numbers. Business is good for us. We've been joining a research and sub activity at the top-end in China. Our hotels there - we're enjoying the continuing prosperity of Wynn Macau and the steady growth of Wynn Palace pursuant to plans and the expectations we've had since the inception of that project. When we opened the hotel in Cotai this past August, we had 9% of the market. In the first quarter, we went to 13%, and now we're moving past 16% of market share. So that's in spite of the fact that we are still surrounded by barricades and construction. Now, it happens to be sort of a mixed message.” Price and Earnings Consensus Graph As you can see in the graph below, WYNN has begun to bounce back from a few years of price declines. Their recent earnings results and new properties are driving both analyst expectations, and price levels upwards.