Macau’s rebound in travel following the pandemic has benefited casino operators like Wynn Resorts, with increased demand in popular gaming destinations such as Las Vegas and Macau. The company’s CEO, Craig Billings, highlighted the continued growth experienced in their business during the quarter.
Wynn Resorts exceeded Wall Street expectations for first-quarter profit, driven by strong performance in gaming, luxury retail, and hotel bookings at its properties in Macau. Operating revenue for Wynn Resorts reached $1.86 billion for the first quarter, up from $1.42 billion the previous year, surpassing analysts’ expectations of $1.27 billion.
The company’s adjusted profit per share for the quarter was $1.59, a significant increase from 29 cents the previous year, and higher than analysts’ estimates of $1.27 per share. The positive financial results are a reflection of the strong demand and performance at Wynn Resorts’ properties in Macau and other gaming destinations.
As a result of the positive earnings report, Wynn’s shares rose 2.5% in after-hours trading. The rebound in travel is expected to continue as more countries begin to ease their travel restrictions and people start to venture out again. This is good news for casino operators like Wynn who are well-positioned to benefit from increased demand in popular gaming destinations around the world.
