WYNN Gets Lucky In The Quarter

A fun and easy analysis that I’ve done previously is to look at the impact that luck has on the earnings reports of $WYNN  (no positions, other than a man-crush on Steve Wynn’s conference calls) and $LVS (no positions).

This quarter, we can bang out the same exercise real quick, using the data from their just-filed 8-k, and see that WYNN was very lucky this quarter:

Data manually compiled from the 8-k. errors are possible

As a refresher, my methodology is simply to take the variation between the actual win rate and the the midpoint of the expected win rate range that WYNN gives in its 8-k.    It’s important to realize that these calculations are approximations – they are top line numbers and don’t translate directly into earnings per share as neatly as I pretended they did in my spreadsheet.   My point is simply that WYNN got lucky in this quarter, whereas they were unlucky in the prior quarter.

I hope to have a post about the earnings call itself when I can review the transcript.

WYNN 8-k

Wynn Gets Unlucky in Q2 2012

LVS Earnings Beat Was Due To Good Luck





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