Wynn Resorts Q1 Earning Highlights: Record North American Results, Macau Rebounds, Dividend Is Back

Casino company Wynn Resorts, Limited WYNN reported first-quarter financial results after market close Tuesday. Here are the highlights.

What Happened: Wynn Resorts reported first-quarter revenue of $1.42 billion, which was up 49% year-over-year. The revenue total beat a Street consensus estimate of $1.37 billion according to data from Benzinga Pro.

The company reported earnings per share of 29 cents in the first quarter, beating a Street estimate of a loss of one cent per share.

Revenue by segment was the following with last year’s first quarter in parenthesis:

• Wynn Palace: $369.4 million ($163.3 million)
• Wynn Macau: $230.7 million ($135.1 million)
• Las Vegas Operations: $586.6 million ($441.2 million)
• Encore Boston Harbor: $216.3 million ($190.8 million)

Adjusted property EBITDAR was $429.7 million in the first quarter, compared to $177.6 million in the same period last year. The company saw an all-time record for adjusted property EBITDAR for its North American segment.

“For the first time in over three years, each of our resorts is generating strong financial results, which is once again a testament to our team’s relentless focus on delivering five-star hospitality and experiences to our guests,” Wynn Resorts CEO Craig Billings said.

Related Link: Wynn CEO Leaving, SPAC Deal Called Off, Is A Buyout Coming? 

What’s Next: A quarterly dividend of 25 cents per share is being reinstated and is payable on June 6, 2023, with a record date of May 23, 2023.

“The reinstatement of our dividend program reflects the strength of our financial results, our robust liquidity position and our commitment to returning capital to shareholders,” the company said.

The company highlighted the strong results from its Macau region.

“After several challenging years, we were pleased to experience a meaningful return of visitation and demand, particularly in our mass gaming and retail businesses. We believe we are well-positioned for success in Macau’s next phase of growth,” Billings said.

WYNN Price Action: Wynn shares are trading flat at $111.70 in after-hours trading Tuesday. 

Read Next: Why This Wynn Resorts Analyst Projects 100% Upside To Stock 

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