Wynn Resorts Posts Better-Than-Expected Q3 Profit on Macau Business Recovery

Reuters2023-11-10

Casino operator Wynn Resorts beat third-quarter profit estimates on Thursday, as strength in gaming, luxury retail and hotel bookings drove steady demand at its Macau properties.

The post-pandemic travel rebound in Macau has been a tailwind for casino operators such as Wynn Resorts.

The results come ahead of the Nov. 10 strike deadline from Las Vegas hospitality workers over a new labor contract.

The unions representing hospitality workers in Las Vegas have been negotiating for about seven months for higher wages, stronger protections against new technology that may threaten jobs, a reduction in steep quotas for housekeepers and improved safety for workers.

While competitors MGM Resorts International and Caesars Entertainment have reached a tentative deal with the unions, Wynn Resorts has yet to yield an agreement.

It previously said it has negotiations scheduled with the unions on Thursday.

Shares of the company fell over 5% in trading after the bell.

The company posted an adjusted profit of 99 cents per share in the third quarter, compared with analysts' average estimate of 75 cents per share, according to LSEG data.

Its total revenue was $1.67 billion during the period, while analysts expected $1.59 billion.

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