WYNN - Wynn Resorts gains after North American properties shine in Q1
2023-05-09 16:16:02 ET
Wynn Resorts ( NASDAQ: WYNN ) gained in late action on Tuesday after posting a mixed Q1 earnings report.
The company noted the Wynn Las Vegas and Encore Boston Harbor properties are firing on all cylinders to help North America properties generate a new all-time record for adjusted property EBITDAR for a quarter. A meaningful return of visitation and demand was noted in Macau, particularly in Wynn's mass gaming and retail businesses.
The casino giant reported that overall operating revenue rose 49% to $1.42B. Operating revenues increased $145.6M, $206.0M, $95.6M, and $25.5M at Wynn's ( WYNN ) Las Vegas Operations, Wynn Palace, Wynn Macau, and Encore Boston Harbor, respectively. The Wynn Interactive segment saw operating revenue decreased $2.4M
Adjusted property EBITDA for the quarter improved to $429.7M vs. $77.6M a year ago and beat the consensus estimate of $328M.
On the balance sheet, Wynn ( WYNN ) ended the quarter with a cash position of $3.84B and total current and long-term debt outstanding of $12.25B, comprised of $6.75B of Macau related debt, $3.64B of Wynn Las Vegas debt, $2.25B of Wynn Resorts Finance debt, and $614M of debt held by the retail joint venture.
Following the report, shares of Wynn gained 1.88% in after-hours trading on Tuesday to $113.80 vs. the 52-week range of $50.20 to $117.86.
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Wynn Resorts gains after North American properties shine in Q1