WYNN - After All-Time Earnings Record Last Quarter Wynn Resorts Stock Is 1 to Watch
2023-06-10 09:06:00 ET
Wynn Resorts (NASDAQ: WYNN) delivered an all-time earnings record for its Las Vegas resorts in Q1, despite a macro environment of high inflation, rising interest rates, and bank failures. Based on Wynn's Q1 results and company outlook, here's why I think this casino stock is one to watch.
Wynn Resorts collected a record $232 million in adjusted property earnings before interest, taxes, depreciation, and amortization ( EBITDA ) at its Las Vegas hotels last quarter. Bolstered by "a consumer that continues to feel flush," Wynn CEO Craig Billings sounded enthusiastic about his company's future during the first-quarter earnings call last month.
Hotel occupancy in Vegas reached 89% in Q1, an 1190-basis-point increase over last year and 620 basis points higher than Q1 2019 occupancy. Revenue at Wynn Las Vegas finished at $587 million thanks to better-than-expected hold, or casino gains earned from active players.
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After All-Time Earnings Record Last Quarter, Wynn Resorts Stock Is 1 to Watch