LAS VEGAS (AP) - Wynn Resorts Ltd. on Tuesday reported better than expected quarterly results, with its casinos in both Macau and Las Vegas showing strength.
The Las Vegas-based company said it earned net income of $94.6 million, or 88 cents per share. Earnings, adjusted for non-recurring costs, came to $1.44 per share. Results in the latest quarter include pre-opening expenses for the company’s Encore Boston Harbor resort which officially opened June 23.
The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1.42 per share.
The casino operator said revenue rose 3.3% to $1.66 billion in the second quarter, also beating the average Street forecast of $1.59 billion.
A year earlier, Wynn earned $155.8 million, or $1.44 per share, on revenue of $1.61 billion.
Revenue per available room at the company’s Las Vegas properties rose 9.5% to $300.
In after-hours trading, Wynn shares slipped $1.57 to $110.30.
The shares have increased 13% since the beginning of the year, while the S&P 500 index has risen 15%.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on WYNN at https://www.zacks.com/ap/WYNN
Copyright © 2023 The Washington Times, LLC.