Wynn Resorts (WYNN) Q1 Earnings: What To Expect

Luxury hotels and casino operator Wynn Resorts (NASDAQ:WYNN) will be reporting results tomorrow afternoon. Here's what to expect.

Wynn Resorts beat analysts' revenue expectations by 5.9% last quarter, reporting revenues of $1.84 billion, up 83.1% year on year. It was a stunning quarter for the company, with an impressive beat of analysts' earnings estimates.

Is Wynn Resorts a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting Wynn Resorts's revenue to grow 26.4% year on year to $1.80 billion, slowing from the 49.3% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.39 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Wynn Resorts has missed Wall Street's revenue estimates twice over the last two years.

Looking at Wynn Resorts's peers in the casino operator segment, some have already reported their Q1 results, giving us a hint as to what we can expect. MGM Resorts delivered year-on-year revenue growth of 13.2%, beating analysts' expectations by 3.7%, and Bally's reported revenues up 3.3%, falling short of estimates by 1.4%. MGM Resorts traded up 2.9% following the results while Bally's was down 1.1%.

Read our full analysis of MGM Resorts's results here and Bally's results here.

Valuation multiples for many growth stocks have not yet reverted to their early 2021 highs, but the market was optimistic at the end of 2023 thanks to cooling inflation. The start of 2024 has been a different story as mixed signals have led to market volatility, and while some of the casino operator stocks have fared somewhat better, they have not been spared, with share prices down 3.4% on average over the last month. Wynn Resorts is down 8.2% during the same time and is heading into earnings with an average analyst price target of $124.3 (compared to the current share price of $97.29).

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