After All-Time Earnings Record Last Quarter, Wynn Resorts Stock Is 1 to Watch
Wynn Resorts (NASDAQ: WYNN) delivered an all-time earnings record for its Las Vegas resorts in Q1, despite a macro environment of high inflation, rising interest rates, and bank failures. Based on Wynn's Q1 results and company outlook, here's why I think this casino stock is one to watch.
Wynn Resorts collected a record $232 million in adjusted property earnings before interest, taxes, depreciation, and amortization (EBITDA) at its Las Vegas hotels last quarter. Bolstered by "a consumer that continues to feel flush," Wynn CEO Craig Billings sounded enthusiastic about his company's future during the first-quarter earnings call last month.
Hotel occupancy in Vegas reached 89% in Q1, an 1190-basis-point increase over last year and 620 basis points higher than Q1 2019 occupancy. Revenue at Wynn Las Vegas finished at $587 million thanks to better-than-expected hold, or casino gains earned from active players.
Source Fool.com
