Wynn Resorts (WYNN), a developer and operator of hotels and casinos, reported late on Tuesday second-quarter earnings that beat the market’s guidance as sales grew from a year ago on the back of broadbased growth across “all” of the group’s properties.
Operating revenue at the Las Vegas-based company rose by 3.3% to $1.66 billion during the three months that ended June 30, from $1.61 billion a year ago and also ahead of the $1.6 billion average analyst estimate, if comparable, compiled by Capital IQ. Group turnover increased as sales were higher from a year earlier at Wynn Palace and Wynn Macau in Hong Kong, as well as the firm’s Las Vegas Operations.
“We were pleased to deliver year-over-year revenue growth at all of our properties in the second quarter, with particular strength in our core mass business in Macau and REVPAR in Las Vegas,” Chief Executive Officer Matt Maddox said in the company’s earnings statement.
Although the adjusted net income of $1.44 a share was down from $1.53 a share a year earlier, earnings were still ahead of the $1.39 per share consensus. On a reported basis too, earnings were lower from a year ago, with the company attributing the change primarily to an increase in pre-opening expenses related to the development of Encore Boston Harbor.
“On the development front, we have made meaningful progress designing and planning the Crystal Pavilion in Macau,” Maddox added in the statement. ” Importantly, the opening of Encore Boston Harbor drives a reduction in our near-term capital expenditures and improvement in our discretionary free cash flow profile.”
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