Wynn Resorts beats expectations with strong Macau performance, casino operator’s shares rise

Wynn Resorts surpassed expectations for first-quarter profit, driven by strong performance in gaming, luxury retail, and hotel bookings at its Macau properties. The casino operator’s shares rose 2.5% in extended trading as a result of the positive earnings report.

Wynn’s resurgence post-pandemic has benefitted the company, particularly in popular casino destinations like Las Vegas and Macau. CEO Craig Billings commented on the company’s strong momentum throughout the first quarter of the year.

The company’s properties in Macau, including the Wynn Palace and Wynn Macau, generated the highest share of revenues for Wynn Resorts. Operating revenue for the quarter ending on March 31 was $1.86 billion, an increase from $1.42 billion reported last year, surpassing analysts’ expectations of $1.27 billion.

Wynn Resorts has shown a promising outlook for the future with its adjusted profit per share for the quarter being $1.59, significantly higher than last year’s 29 cents and above analysts’ estimates of $1.27 per share.