Zach’s Investment Research Firm has raised its rating on Wynn Resorts (WYNN: 70.99 -5.41%) Limited from Neutral to Outperform.

The upgrade was based on the gaming company’s recent earnings performance which came in well ahead of Zacks Consensus Estimate. Recent earnings were driven by better than expected top line growth and improvements in the bottom line.

For the first quarter Wynn reported adjusted earnings of $0.26 per share with net revenue up 22.8% to $908.9 million due to the solid performance of its Macau casinos.

After the first quarter results, Zach’s analysts raised their second quarter estimates to $0.31 per share compared to the previous $0.15 per share and raised estimates for fiscal 2010 to $1.28 per share and fiscal 2011 to $1.81 per share.

Wynn Resorts is scheduled to report its second quarter results on July 30, 2010.