Despite the challenges posed by the pandemic, Wynn Resorts reported strong first-quarter profit, surpassing Wall Street expectations. The success of the company can be attributed to its strong gaming, luxury retail, and hotel bookings at its Macau properties. This positive performance resulted in a 2.5% increase in shares of the casino operator during extended trading.
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. With travel restrictions easing up and more people resuming their activities outside their homes, companies like Wynn are expected to benefit even more in the future as more people flock to casino hubs like Las Vegas and Macau post-pandemic
