Wynn Resorts Clocks Strong Q2 Growth - Is This The Sign Of A Recovery?

Wynn Resorts, Limited WYNN shares are trading higher in Wednesday's after-hours session on the heels of the company's second-quarter earnings. Here's what to know. 

What Happened: Wynn Resorts reported quarterly earnings of 91 cents per share which beat the analyst consensus estimate of 59 cents, a 210.98% increase over losses of 82 cents per share from the same period last year. 

The company reported quarterly sales of $1.60 billion, which beat the analyst consensus estimate of $1.54 billion, a 76.05% increase over sales of $908.83 million in the same period last year.

Adjusted Property EBITDAR was $524.5 million for the second quarter of 2023, compared to $179.2 million for the second quarter of 2022.

"Our second quarter results reflect continued strength in North America and Macau. In the U.S., Wynn Las Vegas and Encore Boston Harbor continue to perform well, generating a new second-quarter record for Adjusted Property EBITDAR at our combined North American properties," said Craig Billings, CEO of Wynn Resorts, Limited. 

"In Macau, the post-COVID recovery accelerated during the quarter, with particular strength in our mass gaming, luxury retail and hotel businesses. On the development front, we were excited to begin construction on Wynn Al Marjan Island, which we believe will be a 'must see' tourism destination in the UAE."

Related Link: The Trade Desk Q2 Earnings: Stock Slumps Despite Beating Expectations and Raised Guidance

WYNN Price Action: Shares of WYNN were up 1.03% at $102.60 in the after-hours session at the time of publication, according to Benzinga Pro.

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