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Shares of Wynn Resorts up on high 1Q expectations - Forbes

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LAS VEGAS -- Shares of Wynn Resorts Ltd. rose Monday as investors anticipated the casino operator's first-quarter results, expected Tuesday, and one analyst raised his estimates for the Las Vegas company.

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Analyst Carlo Santarelli of Wells Fargo ( WFC - news - people ) Securities told investors he expects Wynn to report gross gambling revenue in Macau up nearly 32 percent compared with the first quarter last year.

Santarelli said the company run by billionaire CEO Steve Wynn likely had a strong quarter in Las Vegas, with strong baccarat business February and March.

Analysts expect Wynn to report earnings of 72 cents per share on revenue of $1.15 billion.

Santarelli raised his year-end price target for the company's shares to $150. The stock closed at rose $2.03 to $140.50 on Monday.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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