Wynn Resorts Q1 Earning Highlights: Record results in North America,…

Wynn Resorts Q1 Earning Highlights: Record results in North America,…


casino company Wynn Resorts, Limited WYNN first quarter financial results reported after the market close on Tuesday. Here are the highlights.

What happened: Wynn Resorts reported revenue of $1.42 billion in the first quarter, up 49% year over year. Total revenue topped a consensus estimate of $1.37 billion, according to Street Data from Benzinga Pro.

The company reported earnings per share of 29 cents in the first quarter, beating Street’s estimate of a loss of one cent per share.

Revenue by segment was as follows, with prior year first quarter shown in parentheses:

  • Wynn Palace: $369.4 million ($163.3 million)
  • Wynn Macau: $230.7 million ($135.1 million)
  • Las Vegas operations: $586.6 million ($441.2 million)
  • Encore Boston Harbor: $216.3 million ($190.8 million)

Adjusted real estate EBITDA was $429.7 million for the first quarter, compared to $177.6 million for the same period last year. The company posted an all-time record for adjusted real estate EBITDA for its North American segment.

“For the first time in over three years, each of our resorts is delivering strong financial results, further demonstrating our team’s relentless focus on delivering five-star hospitality and experiences for our guests,” said Wynn Resorts CEO Craig Billings called.

Related link: Wynn CEO leaves, SPAC deal called off, buyout imminent?

What’s next: A quarterly dividend of 25 cents per share will be reintroduced and is payable on June 6, 2023 with record date May 23, 2023.

“The reinstatement of our dividend program reflects the strength of our financial results, our robust cash position and our commitment to returning capital to shareholders,” the company said.

The company highlighted strong results from its Macau region.

“After several challenging years, we have been pleased to see a significant return in visits and demand, particularly in our mass play and retail stores. We believe we are well positioned to deliver in Macau’s next phase of…


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