Wynn Resorts Quarterly Results

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December 10, 2022 | 2:00 PM

Wynn Resorts quarterly results beat forecasts

Wynn Resorts beat Wall Street estimates for first-quarter earnings on Tuesday as the growth of the gaming industry, luxury retail and hotel reservations contributed to steady demand for its hotels in Macau. The casino operator's shares rose 2.5% in extended trading.

The "strong momentum"

of resuming trips to casino hubs such as Las Vegas and Macau after the pandemic has been a tailwind for operators such as Wynn.

"The strong momentum we saw in our business throughout 2023 continued to build during the first quarter," said CEO Craig Billings. Wynn received the largest share of income from its real estate in Macau, Wynn Palace and Wynn Macau.

Income:

According to LSEG, Wynn's operating revenue for the quarter ended March 31 was $1.86 billion (1.73 billion euros) compared with $1.42 billion (1.32 billion euros) last year and above the average analyst estimate of $1.27 billion (1.18 billion euros).

Its quarterly adjusted earnings per share of $1.59 were above last year's 29 cents mark and beat analysts' estimates of $1.27 per share.

Forbes Travel Guide:

Wynn Resorts has more Forbes Travel Guide five-star awards than any other independent hotel company in the world.

It offers award-winning restaurants, two award-winning spas, beauty salons and luxury shops. In 2024, Wynn Resorts was included in FORTUNE magazine's list of the most respected companies in the world.

Wynn Las Vegas