Wynn’s quarterly loss narrowed as revenue increased
Wynn Resorts narrowerd loss and revenue below analysts’ expectations in the first quarter as headwinds from the Covid-19 pandemic continue to affect the company.
The operator narrowed its loss to $183.3 million for the quarter ended March 31, compared to loss of $281 million, Operating revenue rose to $953.3 million from $736.7 million. Analysts polled by FactSet expected $986.4 million.
Operating revenue from its casino segment declined to $489.9 million from $516.2 million. Operating revenue for the company’s rooms, food and beverage, and entertainment, retail and other segments all increased from a year earlier.
Chief Executive Craig Billings said in prepared remarks that the results from the first quarter reflect strength at both Wynn Las Vegas and Encore Boston Harbor. He also said in Macau the company remains confident that the market will benefit from the return of visitation when travel restrictions subside.