The management of United States-based casino operator Wynn Resorts Ltd says its Macau unit recorded the “highest amount of normalised profit” per day during May Golden Week, since the onset of the Covid-19 pandemic at the beginning of last year.
Matt Maddox, the group’s chief executive, said the growth momentum seen in February and March in the Macau market, “continued in April and May”. He was speaking on Monday, in a conference call with investment analysts following the group’s first-quarter results announcement.
Wynn Resorts is the parent of Wynn Macau Ltd, which runs the Wynn Macau complex (pictured) on the city’s peninsula, and the Wynn Palace casino resort in the Cotai district.
Operator
Welcome to the Wynn Resorts first-quarter 2021 earnings call. [Operator instructions] This call is being recorded. [Operator instructions] I will now turn the conference over to Craig Billings, president and chief financial officer. Sir, you may begin.
Craig Billings
President and Chief Financial Officer
Thank you, operator, and good afternoon, everyone. On the call with me today are Matt Maddox and Marilyn Spiegel in Las Vegas. Also on the line are Ian Coughlan, Ciaran Carruthers, Frederic Luvisutto and Brian Gullbrants. I want to remind you that we may make forward-looking statements under safe harbor federal securities laws, and those statements may or may not come true.
What to watch today: Wall Street set for a lower open as tech stocks remain under pressure CNBC 2 days ago
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U.S. stock futures indicated a lower open Tuesday, a day after a tech-led sell-off saw the S&P 500 and Nasdaq post their largest one-day percentage losses since March 18. Dow futures implied an opening drop of around 142 points, while S&P 500 and Nasdaq futures were further in the red. (CNBC)
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The tech-heavy Nasdaq has had a less-than-merry start to May, already down 4% this month and sitting 5.2% below its most recent record close. The 30-stock Dow continues to outperform the other averages, going negative only Monday in a late sell-off, and it remains up 2.6% for May. Despite its 1% tumble Monday, the S&P 500 also remains modestly higher for the month.
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On another dismal day for the broader gaming complex, Wynn Resorts (NASDAQ:WYNN) stock is standing out with a modest gain early Tuesday. The operator is winning praise for encouraging Macau results and the decision to bring its online gaming division public.
A man walks in front of the Wynn and Encore on the Las Vegas Strip during the pandemic. Analysts are warming to the stock for a variety of reasons. (Image:
Las Vegas Review-Journal)
Upon releasing first-quarter results after the close of US markets yesterday, the Las Vegas-based casino operator said it’s merging its Wynn Interactive unit with special purpose acquisition company (SPAC) Austerlitz Acquisition Corp. I (NYSE:AUS). That deal sets the stage for the iGaming arm to become a freestanding public company while creating value for Wynn investors.