Wynn Resorts reported a strong first quarter, surpassing Wall Street expectations for profit. The company attributes its success to strong gaming, luxury retail, and hotel bookings at its Macau properties. As a result, shares of the casino operator increased by 2.5% during extended trading. The resurgence of travel to casino hubs like Las Vegas and Macau post-pandemic has been beneficial for companies like Wynn.
Craig Billings, CEO of Wynn Resorts, expressed optimism about the company’s continued momentum in the first quarter of the year. The highest share of revenues for Wynn came from its properties in Macau, specifically the Wynn Palace and Wynn Macau. The operating revenue for the quarter ending on March 31 was recorded at $1.86 billion, a significant increase from last year’s $1.42 billion. This exceeded analysts’ average estimate of $1.27 billion, according to LSEG data.
Wynn’s quarterly adjusted profit per share was reported at $1.59, surpassing last year’s 29 cents and analysts’ estimates of $1.27 per share. This impressive performance showcases the resilience and growth of Wynn Resorts despite challenges posed by the pandemic.