Wynn Resorts Results – Miss in Q1 as Macau Impact Weighs

May 11, 2022 Macau Earnings & Filings Industry Updates

Wynn Resorts (NASDAQ:WYNN) reported on Tuesday first quarter results that missed analysts’ forecasts as pandemic restrictions in the gambling mecca of Macau in China stifled growth.

Wynn Resorts shares lost 1.8% in after-hours trade following the report.

Wynn Resorts announced earnings per share of $-1.21 on revenue of $953.33M. Analysts polled by Investing.com anticipated EPS of $-1.17 on revenue of $986.35M.

The miss comes as the strength in its Las Vegas operations was offset by weakness in its Macau operations following the impact from pandemic-related travel restrictions in the region.

Operating revenues from Wynn Macau (OTC:WYNMF) were $135.1 million for the first quarter of 2022, a decrease of $44.6 million from $179.7 million for the first quarter of 2021.

“The results of operations of our Macau operations for the first quarter of 2022 continued to be negatively impacted by certain travel-related restrictions and conditions, including COVID-19 testing and other mitigation procedures, related to the COVID-19 pandemic,” the company said.

Looking ahead, the company said it remains confident that in Macau the market will benefit from the return of visitation when travel restrictions subside.

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