Wynn Resorts Reports Strong First Quarter Earnings
Wynn Resorts, Limited (WYNN) reported its first-quarter financial results on Tuesday, exceeding analyst expectations. The company posted earnings per share of $1.59, surpassing the consensus estimate of $1.27 by 25.2%. Quarterly sales also topped expectations, reaching $1.86 billion compared to the anticipated $1.79 billion, representing a 3.91% increase. This marks a significant improvement over the same period last year, with sales growing by 30.65% from $1.424 billion.
The company's performance was driven by strong results across all its properties. Wynn Las Vegas saw operating revenues increase by $49.8 million to $636.5 million compared to the previous year. Encore Boston Harbor also experienced growth, with operating revenues reaching $217.8 million, a slight increase from $216.3 million in the first quarter of 2023.
Wynn Macau and Wynn Palace witnessed even more significant growth. Operating revenues in Macau jumped to $411.7 million, a substantial increase of $181 million from the previous year. Similarly, Wynn Palace saw operating revenues climb to $586.9 million, a remarkable increase of $217.5 million compared to 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," said Craig Billings, CEO of Wynn Resorts. "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."
Looking ahead, Wynn Resorts remains optimistic about its future. The company is actively developing its Wynn Al Marjan Island project, with construction on the hotel tower well underway. Billings expressed confidence that the resort will become a major tourist 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," Billings concluded.
Following the earnings report, Wynn Resorts shares rose 2.33% after-hours to $99.50.