Wynn Resorts Ltd. reported year-over-year growth in net income during the fourth quarter of 2016 and saw net revenue gains from the launch of the company's Wynn Palace resort.
Fourth-quarter 2016 net income attributable to the company rose to $113.8 million, or $1.12 per share, from about $87.2 million, or 86 cents per share, in the 2015 quarter. Adjusted net income attributable to the company in the 2016 fourth quarter, meanwhile, fell to about $51.0 million, or 50 cents per share, from about $104.1 million, or $1.03 per share, in the year-ago quarter.
The company attributed the net-income gain in large part to a decrease in the redemption note fair value.
For the full year 2016, net income attributable to the company climbed to about $242.0 million, or $2.38 per share, from about $195.3 million, or $1.92 per share, in 2015. Adjusted net income attributable to the company dropped to about $345.4 million, or $3.39 per share, from about $349.6 million, or $3.44 per share, a year earlier. The full-year net income gain was driven mainly by a loss on debt extinguishment in 2015.
Net revenues for the fourth quarter soared to about $1.30 billion, compared to roughly $946.9 million in the 2015 fourth quarter. The increase stems from $418.7 million net revenues from Wynn Palace, partially offset by losses of $57.2 million from Wynn Macau and $7.9 million from the company's Las Vegas Operations.
The S&P Capital IQ consensus GAAP EPS estimates for the fourth quarter and full year 2016 were 76 cents and $2.01, respectively.