Wynn Resorts on Tuesday beat Wall Street estimates for first-quarter profit as strength in gaming, luxury retail and hotel bookings drove steady demand at its Macau properties.
Shares of the casino operator were up 2.5% in extended trading.
'Strong Momentum'
The post-pandemic rebound in travel to casino hubs such as Las Vegas and Macau has been a tailwind for operators such as Wynn.
"The strong momentum we experienced in our business throughout 2023 continued to build during the first quarter," said CEO Craig Billings.
Wynn saw the highest share of revenues from its properties in Macau, the Wynn Palace and Wynn Macau.
Revenue
Wynn reported operating revenue of $1.86 billion (€1.73 billion) for the quarter ended March 31, up from $1.42 billion (€1.32 billion) last year, and above analysts' average estimate of $1.27 billion (€1.18 billion), according to LSEG data.
Its quarterly adjusted profit per share of $1.59 was above last year's 29 cents and also beat analysts' estimates of $1.27 per share.
Forbes Travel Guide
Wynn Resorts holds 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, salons and luxury shopping.
In 2024, Wynn Resorts was honored on FORTUNE Magazine's World's Most Admired Companies list.
Highest Level Of Service
Last year, Wynn Las Vegas was named the No. 1 hotel in Las Vegas on the Travel + Leisure 2023 World's Best Awards list for the fourth consecutive year. The list honors top hotels, resorts, travel destinations, and companies worldwide, as rated by readers.
"We are especially grateful to our hard-working employees and their dedication to delivering the highest level of service," said Steve Weitman, president of Wynn Las Vegas.
"Their commitment to creating unforgettable experiences and fostering a world-class atmosphere allows us to once again be awarded the title of Best Hotel in Las Vegas by Travel + Leisure – a recognition we're thrilled to receive."
Article by Reuters, additional reporting by Hospitality Ireland.
