Wynn Resorts quarterly results beat estimates on strength in Macau business

(Reuters) – Wynn Resorts (NASDAQ:) 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.

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 (OTC:).

Wynn reported operating revenue of $1.86 billion for the quarter ended March 31, up from $1.42 billion last year, and above analysts’ average estimate of $1.27 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.