UPDATE 2-Wynn Resorts posts 4th-quarter profit, shares fall

(Adds analyst comment, company comment, byline, updates stock price)

By Deena Beasley

LOS ANGELES, Feb 12 (Reuters) - Wynn Resorts Ltd (WYNN.O: Quote, Profile, Research) posted a fourth-quarter profit on Tuesday, compared with a loss a year ago, when the casino operator made a one-time payment to convertible debenture holders.

But gambling revenue at Wynn Las Vegas fell and the company's shares were down more than 4 percent in after-hours trading.

The company created by casino mogul Steve Wynn reported net income of $65.5 million, or 57 cents per share, compared with a net loss of $55.4 million, or 55 cents a share, a year earlier.

Wynn, speaking on a conference call, said the company has yet to feel the impact of the U.S. economic slowdown, but cautioned: "I don't think we are immune from such things."

Excluding one-time items, the company earned 72 cents per share, beating the average Wall Street estimate of 68 cents a share, as compiled by Reuters Estimates.

"In recent quarters they have blown away expectations. A good solid beat is sometimes not enough," said Oppenheimer & Co analyst David Katz.

Wynn's net revenue rose to $711.3 million from $563.6 million. Analysts had expected $682 million.