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Wynn Resorts logs Q1 net income gains despite Macau weakness

Wynn ResortsLtd. on May 5 reported net-income gains year over year for the 2016first quarter, despite continued weakness in the Macau market.

First-quarter net income attributable to the company came to$75.2 million, or 74 cents per share, compared to a net loss of $44.6 million,or 44 cents per share, in the year-ago quarter.

Adjusted net income attributable to the company in the firstquarter was $108.8 million, or $1.07 per share, compared to $70.5 million, or70 cents per share, in the year-ago quarter.

The 2016 first-quarter results reflect an out-of-periodadjustment related to capitalized interest that reduced interest expense by$25.6 million, increasing net income and adjusted net income attributable tothe company by $18.5 million and net income and adjusted net income per commonshare by 18 cents. Of this adjustment to net income and adjusted net incomeattributable to the company, $3.7 million, or 4 cents per share, related to the2015 first quarter.

The S&P Global Market Intelligence consensus GAAP EPSestimate for the first quarter was 72 cents.

Net revenues for the first quarter totaled $997.7 million,compared to $1.09 billion in the 2015 first quarter. The decline was the resultof a 13.8% net revenue decline from the company's Macau operations, Wynn saidin a news release.

The Macau decrease was partially offset by a 0.7% increasein net revenues from the company's Las Vegas operations.