July 2009

Wynn Resorts Ltd. (WYNN.O) today second-quarter net income fell 91 percent, hurt by lower gambling revenue and the continuing costs of opening the Encore at Wynn Las Vegas casino.

The company reported net income of $25.5 million, or 21 cents per share, down from $272 million, or $2.42 per share last year. Adjusted to exclude one-time items, net income totaled 9 cents per share.

Revenue fell to $723.3 million,12.3 percent below last year’s second-quarter revenue of $825.2 million.

Casino revenue in Las Vegas rose 3 percent to $124.3 million, while non-casino revenue rose 9 percent to $231.9 million. Revenue in Macau fell 23 percent to $410.4 million from $529.9 million last year.

The company said its Las Vegas results are not comparable with a year ago because it opened its second resort there only in December.

Last week, Wynn filed for a possible initial public offering of its Macau assets on the Hong Kong Stock Exchange. The company is building the $650 million Encore at Wynn Macau, due to open next year, with 600 rooms and suites along with casino, restaurant, retail and lounge space.

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Well, apparantly there isn’t one as we searched the company’s Investor Relations and Corporate sites. However, click here for the 8K on the Reorganization.

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June housing starts were at a seasonally adjusted annual rate of 582,000, up 3.6 percent from the revised May estimate of 562,000, but is 46.0 percent below the June 2008 rate of 1,078,000, the Commerce Department reported today.

Commerce also reported that new U.S. home sales rose by the largest amount in nearly nine years in June, up 11 percent to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000. It was the strongest sales pace since November 2008.Sales have risen for three straight months. The median sales price of $206,200, however, was down 12 percent from $234,300 a year earlier.

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Existing home sales  notched their third monthly rise in June in a sign the housing industry was slowly healing, but new jobless claims rose last week in a move distorted by unusual seasonal layoffs.

The National Association of Realtors reported today that sales in June rose 3.6 percent to an annual rate of 4.89 million units, from a downwardly revised 4.72 million pace in May. Last month’s reading compared with forecasts for a 4.84 million unit annual pace.

The NAR said it was the first time the industry had experienced three straight months of gain since early 2004, providing hope the higher data indicate an underlying trend.

The inventory of existing homes for sale declined 0.7 percent to 3.82 million in June. The median national home price fell 15.4 percent to $181,800 from the same period a year ago. But this was up 4.0 percent compared with the month before and the highest reading since October.

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More Than $266 Million in Recovery Funds Now Available for Nevada to Save Teaching Jobs and Drive Education Reform.

U.S. Labor Department announces release of $25.6 million in unemployment insurance modernization incentive funds to Nevada

Nevada to receive nearly $50 million in Recovery Funds for public transit

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