The rebound in travel following the pandemic has benefited casino operators like Wynn, with increased demand in popular gaming destinations such as Las Vegas and Macau. With strong performance in gaming, luxury retail, and hotel bookings at its properties in Macau, Wynn Resorts exceeded Wall Street expectations for first-quarter profit. As a result of the positive earnings report, the casino operator’s shares rose 2.5% in after-hours trading.
CEO Craig Billings commented on the company’s strong momentum throughout the quarter, highlighting the continued growth experienced in their business. Wynn’s properties in Macau, including the Wynn Palace and Wynn Macau, contributed the highest share of revenues for the company during the quarter. 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 positive financial results are a reflection of the strong demand and performance at Wynn Resorts’ properties in Macau and other gaming destinations. 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. Overall, this shows that even amidst uncertainty caused by global events like pandemics or economic downturns
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