Wynn Resorts, the renowned Las Vegas-based operator of resorts and casinos, reported a profitable second quarter with increased revenue primarily driven by the success of its North American and Macau resorts.
Strong Financial Performance
During the second quarter, Wynn Resorts achieved a profit of $105.2 million, equivalent to 84 cents per share. This marks a significant improvement compared to the loss of $130.1 million, or $1.14 per share, recorded in the same period last year. Analysts surveyed by FactSet had anticipated earnings of 66 cents per share, making the actual earnings of 84 cents per share a noteworthy outperformance.
After adjusting for specific one-time items, Wynn Resorts’ adjusted per-share earnings amounted to 91 cents. This surpassed analysts’ expectations of 64 cents per share as predicted by FactSet.
Impressive Revenue Growth
In terms of revenue, Wynn Resorts demonstrated substantial growth, generating $1.6 billion in the second quarter compared to $908.8 million in the previous year. Analysts polled by FactSet had forecasted revenue of $1.54 billion, making the actual revenue result even more impressive.
Factors Behind the Success
Wynn Resorts’ Chief Executive, Craig Billings, credited the ongoing recovery from the Covid-19 pandemic as a significant factor in boosting performance in the company’s Macau segment. Additionally, the North American resorts also exhibited notable strength during this period.
