Stir wine and sugar in heavy large saucepan over medium heat until sugar dissolves. Add cherries. Bring to boil. Remove from heat; let stand 5 minutes. Using slotted spoon, transfer cherries to medium bowl.
Boil cooking liquid until reduced to 2 cups, about 25 minutes. Mix in orange peel, almond extract and nutmeg. Cool. Pour syrup over cherries; toss. Cover; chill until cold. (Can be made 1 day ahead. Keep chilled.) Spoon cherry mixture into bowls and serve.
