Wynn Resorts Reports Better-Than-Expected Q1 Results, Strong Macau Revenues

Wynn Resorts, Limited WYNN reported its first-quarter financial results after the bell Tuesday. Here's a look at the highlights. 

The Details: Wynn Resorts reported quarterly earnings of $1.59 per share which beat the analyst consensus estimate of $1.27 by 25.2%.

Quarterly sales clocked in at $1.86 billion which beat the analyst consensus estimate of $1.79 billion by 3.91% and represents a 30.65% increase over sales of $1.424 billion from the same period last year.

Operating revenues from Wynn’s Las Vegas operations were $636.5 million for the first quarter of 2024, an increase of $49.8 million from $586.8 million for the prior year’s quarter.

Operating revenues from Encore Boston Harbor were $217.8 million for the first quarter of 2024, an increase of $1.5 million from $216.3 million for the first quarter of 2023.

Operating revenues from Wynn Macau were $411.7 million for the first quarter of 2024, an increase of $181 million from $230.7 million for the first quarter of 2023.

Operating revenues from Wynn Palace were $586.9 million for the first quarter of 2024, an increase of $217.5 million from $369.4 million for the first quarter of 2023.

“The strong momentum we experienced in our business throughout 2023 continued to build during the first quarter with Adjusted Property EBITDAR reaching a new all-time record. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets,” said Craig Billings, CEO of Wynn Resorts.

Outlook: “On the development front, vertical construction on the hotel tower at Wynn Al Marjan Island is well underway, and we are confident the resort will be a ‘must see’ tourism destination in the UAE. We are excited about the outlook for the Company, and we believe we are well positioned to deliver continued long-term growth,” said Billings.

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WYNN Price Action: According to Benzinga Pro, Wynn Resorts shares are up 2.33% after-hours at $99.50 at the time of publication Tuesday.

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