Wynn Resorts Reports Strong Second Quarter Results
Shares of Wynn Resorts surged after hours on Wednesday, following the release of their impressive second-quarter earnings. The renowned casino and resort operator exceeded expectations, benefitting from a rebound in Macau and strong performance in North America.
Robust Financial Performance
Wynn Resorts reported a net income of $127.8 million, or 84 cents per share, a remarkable turnaround from the $213.4 million loss, or $1.14 per share, recorded in the same quarter last year. Furthermore, their revenue skyrocketed to $1.59 billion, compared to $908.8 million in the prior-year quarter.
Exceeding Analyst Predictions
The adjusted earnings per share for Wynn Resorts came in at 91 cents, exceeding the projections made by analysts polled by FactSet, who anticipated earnings of only 64 cents per share. Additionally, the company's sales of $1.54 billion surpassed the expectations of industry experts.
Strong Performances in Key Regions
Chief Executive Craig Billings expressed his satisfaction with the exceptional performance of both Wynn Las Vegas and Encore Boston Harbor. Furthermore, he highlighted the accelerating post-COVID recovery experienced in Macau, particularly the robust growth seen in their mass gaming, luxury retail, and hotel sectors.
Shares of Wynn Resorts showed promising growth, rising 0.9% after hours.
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