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WYNN Resorts on Tuesday (May 7) beat Wall Street estimates for first-quarter profit as strength in gaming, luxury retail and hotel bookings drove steady demand at its Macau properties.
Shares of the casino operator were up 2.5 per cent in extended trading.
The post-pandemic rebound in travel to casino hubs such as Las Vegas and Macau has been a tailwind for operators such as Wynn.
“The strong momentum we experienced in our business throughout 2023 continued to build during the first quarter,” said CEO Craig Billings.
Wynn saw the highest share of revenues from its properties in Macau, the Wynn Palace and Wynn Macau.
Wynn reported operating revenue of US$1.86 billion for the quarter ended Mar 31, up from US$1.42 billion last year, and above analysts’ average estimate of US$1.27 billion, according to LSEG data.
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Its quarterly adjusted profit per share of US$1.59 was above last year’s 29 US cents and also beat analysts’ estimates of US$1.27 per share. REUTERS
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