Why Wynn Resorts Stock Jumped 8.5% This Week
Shares of Wynn Resorts (NASDAQ: WYNN) jumped this week after the company reported fourth-quarter 2023 financial results. According to data provided by S&P Global Market Intelligence, shares were up 10.2% at one point and closed the week up 8.3%.
Revenue jumped from $1 billion a year ago to $1.84 billion, and Macao was a big driver of the increase. Wynn Palace's revenue jumped from $113.1 million to $524.4 million, and Wynn Macau's revenue went from $77.2 million a year ago to $386.2 million.
But the more surprising results were in Las Vegas. Revenue jumped 19% to $696.8 million and adjusted property earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR), a proxy for cash flow from a resort, was $270.8 million. That's an incredible result and continues the strong results from Las Vegas coming out of the pandemic.
Source Fool.com
