Wynn Resorts Delivers Decent 3rd Quarter Despite Pressure from China

Wynn Resorts Delivers Decent 3rd Quarter Despite Pressure from China

Casino operator Wynn Resorts showed decent third-quarter results. According to pay per head bookie reports, most of its revenue came from its properties in the US. However, its operations in China continue to suffer due to the country’s strict pandemic measures.

Overall, Wynn’s operating revenue decreased 10.5 percent year-over-year to $890 million. However, it was higher than analysts’ predictions of $871 million. Its adjusted EBITDA improved 12 percent year-over-year to $173 million. It was higher than the estimated amount of $146 million.

According to bookie pay per head solutions experts, its earnings-per-share suffered a loss of $1.27 per share. It was higher than the $1 a share loss estimated by analysts.

Wynn Resorts 3rd Quarter Report

Wynn Resorts Delivers Decent 3rd Quarter Despite Pressure from ChinaIt never ceases to amaze us how successful Wynn’s hotels are, whether they are located in Boston or Las Vegas. Unfortunately, on the other side, management is unable to change the zero-Covid policy that the government maintains, which continues to restrict the company’s operations in Macao, China. However, we believe that the unsatisfied demand is of such a magnitude that if China were to relax its travel restrictions, this sector of Wynn’s company would quickly bounce back.

Management only described it as a sign of the value of Wynn’s stock in response to the recent news that casino and hotel tycoon Tilman Fertitta acquired a 6 percent interest in Wynn.

That is why we continue to retain a very tiny investment in Wynn. We haven’t liquidated our tag end position, only in case, Mr. Fertitta decides to convert his fixed asset into an active one or if China chooses to lift its Covid limitations permanently. However, suppose shares were to increase by 10% to 15% from here. In that case, we may think about liquidating the remainder of our little holding and investing the proceeds in Estee Lauder, a fantastic method to profit from a reopened China.

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