Aug 4 (Reuters) – Casino operator Wynn Resorts beat Wall Street expectations for second-quarter profit and revenue on Tuesday, driven by strong business in its Macau properties, sending its shares up 6% after the bell.
Wynn also said that Wynn Al Marjan Island, set to be the UAE’s first casino resort, is expected to open in September 2027. The company received the country’s first commercial gambling license in October 2024.
Here are more details:
• Located in Ras Al Khaimah, Wynn Al Marjan is a joint venture between affiliates of Wynn Resorts, Marjan and RAK Hospitality Holding.
• As the UAE’s first casino resort and a project that has drawn about $1.06 billion in cash contributions from Wynn so far, the development has drawn interest from investors and analysts.
• During the second quarter ended June 30, operating revenue at Wynn Palace, the company’s luxury property in Macau, rose 21% to $653.4 million from a year ago.
• Hospitality companies have benefited from resilient spending by wealthy customers, who have continued to support demand for luxury travel and experiences.
• Its second-quarter adjusted profit of $1.24 per share came ahead of Wall Street expectations of $1.11 per share, according to data compiled by LSEG.
• Wynn’s total revenue for the quarter came in at $1.86 billion, above analysts’ average estimate of $1.84 billion.
(Reporting by Aishwarya Jain and Anshuman Tripathy in Bengaluru; Editing by Diti Pujara)
