Wynn Resorts Q2 Revenue Misses Estimates, Shares Drop In After Hours Trading
2022.08.10 01:38
Wynn Resorts Q2 Revenue Miss Estimates, While EPS Better Than Expected
By Davit Kirakosyan
Investing.com – Wynn Resorts Ltd (NASDAQ:WYNN) shares traded more than 2% lower after-hours following the company’s reported Q2 results.
While EPS of ($0.82) came in better than the consensus of ($1.11), the revenue of $908.8 million missed the consensus estimate of $980.85 million.
Q2/22 operating revenues increased $206.0 million and $44.9 million at Las Vegas Operations and Encore Boston Harbor, respectively, and decreased $211.7 million and $125.4 million at Wynn Palace and Wynn Macau (OTC:WYNMF), respectively, from Q2/21.
According to Craig Billings, CEO of Wynn Resorts, the company achieved an all-time quarterly record for adjusted Property EBITDA at Wynn Las Vegas and a Q2 record at Encore Boston Harbor due to the teams’ ongoing focus on five-star hospitality and new experiences at their market-leading properties combined with very strong customer demand.
“In Macau, while COVID-related travel restrictions continued to impact our results, we remain confident that the market will benefit from the return of visitation over time,” added Billings.
