Amid a shaky economy, persistent inflation, and climbing interest rates, Wynn Resorts (NASDAQ: WYNN) produced record earnings results last quarter. Here's why I'm bullish on this casino stock despite today's challenging operating environment.

Wynn's Las Vegas portfolio, consisting of the adjacent Wynn Las Vegas and Encore resorts, generated all-time high earnings in Q1. Adjusted property earnings before interest, taxes, depreciation, and amortization (EBITDA) reached a record $232 million between the two sister hotels. 

Two main factors drove last quarter's performance in Vegas: hotel occupancy and casino hold, or gains earned from active gamblers. Occupancy hit 88.8%, an 11.9-percentage point increase above last year and 6.2 percentage points over pre-pandemic 2019.

Continue reading

Source Fool.com