Wynn Resorts has surpassed expectations for first-quarter profit, driven by strong performance in gaming, luxury retail, and hotel bookings at its Macau properties. The casino operator’s shares rose 2.5% in extended trading as a result of the positive earnings report.
The resurgence of travel post-pandemic has benefitted Wynn Resorts, particularly in popular casino destinations like Las Vegas and Macau. CEO Craig Billings commented on the company’s strong momentum throughout the first quarter of the year.
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.
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.
