Wynn Resorts has announced better-than-expected results for its latest quarter, with a significant boost in revenues at two of its locations. The Las Vegas-based casino operator reported a net income of $729.2 million, or $6.19 per share, for the fourth quarter ended December 31. This marks a substantial increase from $32.4 million, or 29 cents per share, in the same quarter the previous year. Adjusted earnings stood at $1.91 per share, surpassing analysts' estimates of $1.15 per share.
The surge in net income can be attributed to higher operating revenues at Wynn's Macau and Las Vegas operations, as well as an income tax benefit related to the release of a valuation allowance on certain deferred tax assets.
Overall, the company's revenue grew to $1.84 billion from approximately $1 billion, exceeding expectations set by analysts polled by FactSet, who predicted revenue to reach $1.74 billion.
During this period, Wynn Palace, Wynn Macau, its Las Vegas operations, and Wynn Interactive all experienced an increase in revenue compared to the previous year. The only exception was Encore Boston Harbor, which saw a slight decrease.
Looking ahead, Chief Executive Craig Billings expressed the company's commitment to driving long-term returns for shareholders.