Wynn stock rises after results beat estimates, helped by Macau, North America

Shares of Wynn Resorts (WYNN) rose after hours on Wednesday after the casino and resort operator reported second-quarter results that beat expectations, helped by a rebound in Macau and strong trends in North America. The company reported net income of $127.8 million, or 84 cents a share, contrasting with a loss of $213.4 million, or $1.14 a share, in the same quarter last year. Revenue jumped to $1.59 billion from $908.8 million in the prior-year quarter. Adjusted earnings per share came in at 91 cents. Analysts polled by FactSet expected Wynn to report adjusted earnings per share of 64 cents, on sales of $1.54 billion. In a statement, Chief Executive Craig Billings called out a solid performance in Wynn Las Vegas and Encore Boston Harbor. In Macau, he said, "the post-COVID recovery accelerated during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses." Shares rose 0.9% after hours.

-Bill Peters

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08-09-23 1622ET

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