Wynn Resorts stock surged Thursday after the Las Vegas-based casino operator beat Q4 earnings late Wednesday.
Wynn Resorts reported adjusted earnings of $1.91 per share, up from a loss of $1.23 per share last year. GAAP earnings leapt to $6.19 per share from 29 cents for Q4 2022. Revenue powered up 83% to $1.84 billion, marking its fourth consecutive quarter of double-digit gains.
FactSet analysts expected adjusted earnings of $1.15 per share on $1.738 billion in revenue.
Wynn Resorts attributed its net-income growth to greater operating revenues from its Macau and Las Vegas operations.
Casino revenue spiked about 152% to $1.066 billion while room sales jumped nearly 25% to $271.56 million.
Meanwhile, construction on the Wynn Al Marjan Island resort in the United Arab Emirates continues, which CEO Craig Billings said will be a "must-see tourism destination in the UAE."
The company also declared a 24-cent per share dividend that is payable on Feb. 29.
Full-year adjusted earnings improved to $4.10 per share from a loss of $4.47 per share last year while sales leapt nearly 74% to $6.63 billion. Wall Street predicted adjusted earnings of $3.25 per share on $6.42 billion in revenue.
A number of analysts hoisted their price targets on Wynn Resorts after earnings. Barclays lifted its price target on WYNN stock to $117 from $108 and kept an overweight rating on shares. JPMorgan raised its target to $118 from $113 after the report.
Susquehanna upped its price target to $115 from $105 with a positive rating, but noted there's still skepticism on the Macau-based outlook and recovery.
Wynn Resorts Stock
Shares of Wynn Resorts rallied 6.3% Thursday on results to push further above their 200-day moving average.
Shares are up more 30% from a November low, and working their way out of a 41-week consolidation.
Wynn Resorts bolted 16.5% so far in 2024.
Rival MGM Resorts International jumped 3.9% Thursday to break above a 45.91 buy point in a cup-with-handle base. MGM reports results on Tuesday.
Gaming equipment maker Light & Wonder rose 1.7%. LNW stock is trading in a flat base with an 89.02 buy point. Light & Wonder reports Feb. 27.
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