Wynn profit beats on Vegas, Macau strength
Reuters
Published Feb 07, 2024 05:44PM ET
(Reuters) - Wynn Resorts (NASDAQ:WYNN) beat estimates for fourth-quarter profit on Wednesday, as strength in gaming, luxury retail and hotel bookings drove steady demand at its Macau properties.
Casino resort operators such as Wynn have been earning record profits from a steady post-pandemic recovery and travel rebound in Macau.
Shares of the company rose 2.9% in extended trading.
After over a month of negotiations last year, Wynn ratified a five-year contract with Las Vegas hospitality unions to increase wages for employees.
Company's board also announced a dividend of 25 cents per share.
Wynn Resorts posted adjusted profit of $1.91 per share, ahead of analyst estimates of $1.15, according to LSEG data.
Its operating revenues during the fourth quarter were $1.84 billion, while analysts expected $1.74 billion.
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Written By: Reuters
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