Wynn's Extended Warranty Claims Phone Number – Casino operator Wynn Resorts (WYNN) capitalized on increased tourism and retail spending at its Las Vegas and Macau Resorts to beat analysts’ expectations for its first quarter earnings. second quarter.
The company posted net income of $105 million, which swings from a loss of $130 million in the same quarter last year. Earnings per share (EPS) of 84 cents came in 26% above estimates. Revenues rose 75% to $1.6 billion, up from $908.8 million in the year-ago quarter, with casino revenue more than doubling to $913 million.
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The casino operator benefited from increased travel demand and retail spending at its Las Vegas and Macau resorts, which led to growth in gaming bookings. , of food and of hotels. The gains were particularly evident in Macau, as tourists flocked to the city after the pandemic lockdown was lifted in China. Performance was also strong at the company’s Las Vegas resorts, where a post-pandemic spending boom continued unabated.
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Revenue at the Macau-based Wynn Palace rose nearly $410 million, with revenue at the nearby Wynn Macau up $243 million. By comparison, revenue at the company’s U.S. resorts was more modest, with revenue at Wynn Las Vegas and Encore Boston Harbor down to $17 million and $11.8 million, respectively.
“Our second quarter results reflect continued strength in North America and Macau,” said Craig Billings, CEO of the company (CEO), on Wednesday when it was reported the earnings. He said Wynn’s US resorts in Las Vegas and Boston Harbor “continue to perform well”, while the company’s Macau resorts have received a lift from an accelerated post-l – COVID.
Billings is also betting on a new project: a 3.9 billion dollar gaming resort in the United Arab Emirates (UAE), the first in the Gulf region.
The construction is already underway, despite the fact that gambling is not yet fully legalized in the Gulf state. In an earnings call, Billings labeled the UAE “the most exciting new gaming market in decades” and said the company is not worried about the uncertainty surrounding the legality of gaming adventure there. It is certain that Wynn Resorts will obtain its operating license for the new UAE casino in the near future.
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Shares of Wynn Resorts rose more than 3% on Thursday, the day after the company reported earnings, but ended Friday lower by 3.5%. The stock is up approximately 22% so far this year, outperforming shares of rival casino operator Las Vegas Sands (LVS), but underperforming shares of MGM Resorts (MGM) in the same period.
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