Boyd, Wynn and Caesars casinos urged to go smoke-free
The American Nonsmokers’ Rights Foundation (ANRF), together with Trinity Health, has submitted shareholder proposals to Boyd Gaming, Wynn Resorts, Caesars Entertainment, and...
Wynn Resorts Falls Short of Wall Street Q1 Expectations
Wynn Resorts reported Q1 results that missed Wall Street estimates, as lower earnings from Macau and US casinos, along with weak VIP gambling results, pulled down revenue and profits.
The company posted $1.70 billion in revenue, down from $1.86 billion a year earlier and below the $1.74 billion analysts expected. Net income dropped to $72.7 million, or $0.69 per share, from $144.2 million ($1.30 per share) last year. Adjusted earnings per share came in at $1.07, missing the expected $1.19.
Wynn Resorts’ shares fell 2.4% in after-hours trading and are down over 9% so far this year.
Business in Macau, which makes up a large part of Wynn’s income, declined. Wynn Macau brought in $330 million, down nearly 20%, while Wynn Palace made $535.9 million, down almost 9%. The drop was mostly due to high-stakes players winning more than usual, which lowered profits.
Wynn Resorts CEO Craig Billings said:
“In Macau, while VIP hold negatively impacted results, we held market share in our expected range.”
Revenue in the US wasn’t in its best shape, either. Las Vegas revenue dipped 1.8% to $625.3 million, and Encore Boston Harbor dropped 3.9% to $209.2 million.
Total adjusted property EBITDAR (a measure of casino performance) was $532.9 million, down from $646.5 million last year. The company noted that last year’s numbers were boosted by major events like the Super Bowl.
Wynn continues working on its resort in the United Arab Emirates. The tower of the Wynn Al Marjan Island development has now reached the 47th floor, with the project still set to open in 2027. The company invested $51.2 million in the UAE project during the quarter, bringing its total spend there to $682.9 million.
Wynn announced a $0.25 dividend per share, payable May 30, and said it bought back 2.36 million shares for $200 million. It still has $613 million left under its share repurchase plan.
Wynn Resorts CEO predicts huge potential in the UAE
Wynn Resorts CEO Craig Billings shares his optimistic opinion on the company’s future in the United Arab Emirates (UAE), seeing huge potential in the region.In his recent...
