Wynn Resorts has exceeded expectations for first-quarter profit, driven by strong performance in gaming, luxury retail, and hotel bookings at its Macau properties. The resurgence of travel post-pandemic has benefitted the company, particularly in popular casino destinations like Las Vegas and Macau.
The casino operator’s shares rose 2.5% in extended trading as a result of the positive earnings report. Wynn’s properties in Macau, including the Wynn Palace and Wynn Macau, generated the highest share of revenues for the company. Operating revenue for the quarter ending on March 31 was $1.86 billion, an increase from $1.42 billion reported last year, surpassing analysts’ expectations of $1.27 billion.
CEO Craig Billings commented on the company’s strong momentum throughout the first quarter of the year. He attributed this to successful execution across all areas of our business, including gaming operations, luxury retail sales and hotel bookings. He also highlighted that Wynn Resorts remains focused on delivering value to its customers while maintaining strict health and safety protocols to ensure their wellbeing during their stay at our properties.
The company’s adjusted profit per share for the quarter was $1.59, significantly higher than the 29 cents reported last year and above analysts’ estimates of $1.27 per share. This positive performance indicates a promising outlook for Wynn Resorts in the coming months as it continues to benefit from increasing travel demand in Asia and other regions where it operates its casinos and resorts
