Wynn Resorts reported first-quarter profit that surpassed Wall Street estimates, driven by strong performance in gaming, luxury retail, and hotel bookings at their Macau properties. The casino operator’s shares rose by 2.5% in extended trading as a result.
The rebound in travel following the pandemic has been beneficial for casino operators like Wynn, with increased demand in hubs like Las Vegas and Macau. CEO Craig Billings noted that the momentum in their business has continued to grow throughout 2023, with the highest share of revenues coming from their Macau properties, the Wynn Palace and Wynn Macau.
Wynn reported operating revenue of $1.86 billion for the first quarter, up from $1.42 billion the previous year, exceeding analysts’ expectations. Additionally, the company’s quarterly adjusted profit per share of $1.59 surpassed last year’s 29 cents and beat analysts’ estimates of $1.27 per share. This positive performance reflects the ongoing recovery in the industry following the challenges of the past year.
