Latest news with #CraigBillings
Yahoo
2 days ago
- Business
- Yahoo
Wynn bucks Vegas trends with strong Q2 performance
This story was originally published on Hotel Dive. To receive daily news and insights, subscribe to our free daily Hotel Dive newsletter. Dive Brief: Wynn Resorts posted operating revenues of $1.74 billion for the second quarter of 2025, an increase of $4.9 million from the same quarter last year. Las Vegas operating revenues, specifically, were up $10 million to $638.6 million, according to a second-quarter earnings report released Thursday. On an earnings call, CEO Craig Billings said Wynn was also planning to resume the remodel of its Encore Tower in Las Vegas, which the company previously halted due to tariff concerns. While Wynn appears to have outperformed some of its Las Vegas peers, which posted Q2 revenue declines, the resort operator did notice 'softer' midweek bookings, which led Wynn to prioritize 'midweek rate over occupancy,' Billings said. Dive Insight: When asked on the earnings call why Wynn appeared to outperform peers like MGM Resorts International and Caesars Entertainment in Q2, Billings said, 'being at the luxury end of the market helps.' 'We sit in a unique position,' Billings said on the call. 'We're not the best barometer of Las Vegas writ large. We're the best barometer, I think, of a very particular portion of Las Vegas.' He then noted that the 'average check on in our fine-dining restaurants … has been pretty stable.' Following its first-quarter earnings call — in which Wynn announced it was halting $375 million in capital expenditures, inclusive of its Encore Tower remodel, citing tariff concerts — the company revised its sourcing and procurement plans, Billings shared. 'I now expect we will kick off that renovation in spring 2026 with minor disruptions during the renovation period,' he said. Wynn is 'bullish' on the coming quarters, he added, noting that it saw its forward booking pace accelerate as July progressed. 'Our group and convention business looks strong heading into the fourth quarter, and 2026 is shaping up to be a record year for both group room nights and revenue,' Billings said. MGM also pointed to future bookings in its Q2 earnings call last week, with CFO Jonathan Halkyard saying the operator plans to 'restore a growth trajectory' following recent Las Vegas declines. Caesars, meanwhile, posted a 3.7% year-over-year decline in Las Vegas net revenues in the quarter. Recommended Reading US hotel GOPPAR exceeds pre-pandemic levels Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Wynn misses quarterly estimates on weak Macau business
(Reuters) -Casino operator Wynn Resorts missed second-quarter profit expectations on Thursday, owing to sluggish Macau business. Shares of the company were down 2% in extended trading. The operator of Wynn Palace and Wynn Macau properties, saw a 9.5% fall in adjusted property operating profit from its Macau operations at $253 million, compared to $280 million a year ago. However, last week, peer casino operators Las Vegas Sands and MGM Resorts reported strength in their Macau businesses. Wynn said VIP hold negatively impacted results in Macau. "We are making progress towards the completion of our Wynn Al Marjan Island project in the UAE, where we are pouring the sixty-first floor of the tower, having finalized key food and beverage partnerships, and agreed to key terms with a number of high profile retail tenants," said CEO Craig Billings. Wynn's board also announced a dividend of 25 cents per share. Its quarterly adjusted profit of $1.09 per share came below Wall Street expectations of $1.21 per share, according to data compiled by LSEG. The company's total revenue for the quarter ended June 30 came in at $1.74 billion, compared with estimates of $1.75 billion. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Reuters
3 days ago
- Business
- Reuters
Wynn misses quarterly estimates on weak Macau business
Aug 7 (Reuters) - Casino operator Wynn Resorts (WYNN.O), opens new tab missed second-quarter profit expectations on Thursday, owing to sluggish Macau business. Shares of the company were down 2% in extended trading. The operator of Wynn Palace and Wynn Macau properties, saw a 9.5% fall in adjusted property operating profit from its Macau operations at $253 million, compared to $280 million a year ago. However, last week, peer casino operators Las Vegas Sands (LVS.N), opens new tab and MGM Resorts (MGM.N), opens new tab reported strength in their Macau businesses. Wynn said VIP hold negatively impacted results in Macau. "We are making progress towards the completion of our Wynn Al Marjan Island project in the UAE, where we are pouring the sixty-first floor of the tower, having finalized key food and beverage partnerships, and agreed to key terms with a number of high profile retail tenants," said CEO Craig Billings. Wynn's board also announced a dividend of 25 cents per share. Its quarterly adjusted profit of $1.09 per share came below Wall Street expectations of $1.21 per share, according to data compiled by LSEG. The company's total revenue for the quarter ended June 30 came in at $1.74 billion, compared with estimates of $1.75 billion.
Bloomberg
07-05-2025
- Business
- Bloomberg
Wynn Resorts Delays Hotel Remodeling Due to Tariff Concerns
Wynn Resorts Ltd. is delaying $375 million in capital improvement projects, including a remodeling of its Encore hotel tower in Las Vegas, due to the impact of tariffs. Craig Billings, chief executive officer of the hotel and casino company, cited furniture and fixtures coming from countries that have been hit by tariffs imposed by President Donald Trump. Finding and evaluating new vendors will take time, he said.
Reuters
06-05-2025
- Business
- Reuters
Wynn Resorts posts downbeat quarterly results due to slowdown across its properties
May 6 (Reuters) - Wynn Resorts (WYNN.O), opens new tab posted first-quarter results that missed Wall Street estimates on Tuesday, owing to sluggish business across its luxury resorts. The company reported a revenue fall of 8.7% at its Macau-based Wynn Palace and a 19.9% fall in revenue at Wynn Macau. Shares of Wynn were down 2.4% in after-market trading. They have fallen more than 9% since the start of 2025. Wynn said its Macau performance was hurt by high-stakes gamblers winning more than usual, causing lower earnings from its VIP casino operations. Revenues from both its Las Vegas operations and Encore Boston Harbor were down 1.8% and 3.9%, respectively. Over the last two months, various airlines including Delta (DAL.N), opens new tab warned of stalling travel demand, while hotel operators like Hilton (HLT.N), opens new tab and Marriott (MAR.O), opens new tab lowered their annual forecasts as the U.S. President Donald Trump's trade policy hammers consumer sentiment and puts travelers in a "wait-and-see" mode. Wynn Resorts reported total operating revenue of $1.70 billion, below analysts' average estimate of $1.74 billion, according to data compiled by LSEG. "In Macau, while VIP hold negatively impacted results, we held market share in our expected range," CEO Craig Billings said, adding that construction of Wynn's UAE project, Wynn Al Marjan Island, continued to advance in the quarter. The casino operator reported an adjusted profit of $1.07 per share for the quarter ended March 31, which also came below Wall Street expectations of $1.19 per share. Its peer MGM Resorts International (MGM.N), opens new tab reported first-quarter profit above estimates last week, driven by strong performance in its online sports-betting unit.
