The ongoing recovery in the casino industry has been a boon for companies like Wynn Resorts, with strong performance in gaming, luxury retail, and hotel bookings at their Macau properties. As a result of this success, Wynn’s shares rose by 2.5% in extended trading.
The rebound in travel following the pandemic has played a significant role in the growth of Wynn’s business, with increased demand in hubs like Las Vegas and Macau. CEO Craig Billings noted that this momentum 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.
The successful turnaround of Wynn Resorts is an encouraging sign for investors and casino operators alike as they navigate through these uncertain times.