Casinos have been thriving in the wake of the pandemic, with increased demand in hubs like Las Vegas and Macau. Wynn Resorts reported first-quarter profits that surpassed analysts’ estimates, thanks to strong performance in gaming, luxury retail, and hotel bookings at their Macau properties. As a result, the casino operator’s shares rose by 2.5% in extended trading.
Wynn CEO Craig Billings spoke about the momentum in their business that has continued to grow throughout 2023, with the highest share of revenues coming from their Macau properties, including Wynn Palace and Wynn Macau. The company reported operating revenue of $1.86 billion for the first quarter, up from $1.42 billion the previous year, beating analysts’ expectations by $440 million. Additionally, Wynn’s quarterly adjusted profit per share of $1.59 surpassed last year’s 29 cents and beat analysts’ estimates of $1.27 per share by 32%. This positive performance reflects the ongoing recovery in the industry following the challenges faced over the past year.
In conclusion, Wynn Resorts has shown impressive growth in its operations during this period of economic recovery following the pandemic. The strong performance of their Macau properties has been a driving force behind this success, contributing significantly to their revenue growth and profitability. As travel continues to rebound and casinos remain a popular destination for tourists around the world, it is clear that companies like Wynn will continue to benefit from this trend moving forward.