Despite the challenges posed by the pandemic, Wynn Resorts surpassed Wall Street expectations for first-quarter profit. The company attributed its success to strong gaming, luxury retail, and hotel bookings at its Macau properties. As a result, Wynn’s shares increased by 2.5% during extended trading.
Craig Billings, CEO of Wynn Resorts, expressed optimism about the company’s continued momentum in the first quarter of the year. The highest share of revenues for Wynn came from its properties in Macau, specifically the Wynn Palace and Wynn Macau. The operating revenue for the quarter ending on March 31 was recorded at $1.86 billion, a significant increase from last year’s $1.42 billion. This exceeded analysts’ average estimate of $1.27 billion, according to LSEG data.
Wynn’s quarterly adjusted profit per share was reported at $1.59, surpassing last year’s 29 cents and analysts’ estimates of $1.27 per share. This impressive performance showcases the resilience and growth of Wynn Resorts despite challenges posed by the pandemic.
The resurgence of travel to casino hubs like Las Vegas and Macau post-pandemic has been beneficial for companies like Wynn.
In summary, Wynn Resorts is seeing positive results from its operations in Macau due to strong gaming and luxury retail sales as well as hotel bookings. These factors have contributed to an increase in shares during extended trading as well as exceeding Wall Street expectations for first-quarter profit with an impressive quarterly adjusted profit per share report of $1.59.