WYNN RESORTS Reports Second Quarter Earnings Results for FY2023 on June 30
August 22, 2023
🌥️Earnings Overview
WYNN RESORTS ($NASDAQ:WYNN) announced their second quarter FY2023 earnings results on June 30th 2023, reporting total revenue of USD 1595.8 million, a 75.6% increase from the same period in the prior year. Net income for this quarter was USD 105.2 million, a 180.9% rise compared to the same time in the previous year.
Share Price
The company experienced some fluctuations in their stock prices during the day. When the markets opened in the morning, WYNN RESORTS stock was valued at $104.9 per share.
However, by the end of the trading day, the stock had dropped to $101.6, representing a decrease of 1.5% from the previous day’s closing price of $103.1. Despite these decreases, analysts were still impressed with the company’s performance and noted that they had experienced fewer losses than expected. This was attributed to a series of cost-cutting measures implemented by the company in order to maximize profits. The company is now looking to capitalize on their cost-cutting strategies in order to turn around their financial performance in the second half of the year. Given the expected recovery in the economy, WYNN RESORTS is optimistic that they will be able to make up for this quarter’s losses and return to profitability in the near future. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Wynn Resorts. More…
| Total Revenues | Net Income | Net Margin |
| 4.91k | 7.04 | -1.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Wynn Resorts. More…
| Operations | Investing | Financing |
| 616.92 | 1k | 108.42 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Wynn Resorts. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 13.78k | 15.29k | -5.53 |
Key Ratios Snapshot
Some of the financial key ratios for Wynn Resorts are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 4.2% | 15.9% | 12.7% |
| FCF Margin | ROE | ROA |
| 4.1% | -57.7% | 2.8% |
Analysis
At GoodWhale, we conducted an analysis of WYNN RESORTS‘s fundamentals and concluded that the company is strong in some areas, medium in profitability, and weak in asset, dividend, and growth. The Star Chart showed us that WYNN RESORTS has a low health score of 3/10 in regards to its cashflows and debt, making it less likely to be able to pay off debt or fund future operations. On the basis of this, we classified WYNN RESORTS as a ‘cheetah’, a type of company that has achieved high revenue or earnings growth yet remains less stable due to lower profitability. Given these characteristics, we believe that investors who are interested in companies with high growth potential but are not necessarily looking for stable returns might be interested in WYNN RESORTS. They should be aware of the risks associated with investing in such a company and should take steps to ensure that their investments are diversified. More…
Peers
Wynn Resorts Ltd, MGM China Holdings Ltd, Caesars Entertainment Inc, and MGM Resorts International are all in competition with each other. They are all fighting for market share in the gambling industry. Wynn Resorts Ltd is the largest company, followed by MGM China Holdings Ltd, Caesars Entertainment Inc, and MGM Resorts International.
– MGM China Holdings Ltd ($SEHK:02282)
MGM China Holdings Ltd is a gaming and hospitality company that owns and operates the MGM Macau resort in China. The company has a market cap of 12.01B as of 2022 and a Return on Equity of -41969.86%. MGM China Holdings Ltd is a subsidiary of MGM Resorts International.
– Caesars Entertainment Inc ($NASDAQ:CZR)
Caesars Entertainment Inc is a gaming and hospitality company that owns and operates casinos, resorts, and golf courses. The company has a market cap of 9.38 billion as of 2022 and a return on equity of 15.25%. Caesars Entertainment is one of the largest gaming companies in the world and operates casinos in Las Vegas, Atlantic City, Macau, and other locations. The company also owns and operates the World Series of Poker and the Caesars Palace hotel and casino in Las Vegas.
– MGM Resorts International ($NYSE:MGM)
MGM Resorts International is one of the largest casino and hotel companies in the world. The company owns and operates a number of iconic properties, including the Bellagio, MGM Grand, and Mandalay Bay. MGM also has a significant presence in the online gaming space through its subsidiary, MGM Interactive. The company’s market cap as of 2022 is 13.98 billion, and its return on equity is 53.54%.
Summary
WYNN RESORTS reported strong financial results for the second quarter of FY2023, with total revenue of USD 1595.8 million representing a 75.6% increase from the prior year and net income of USD 105.2 million, a 180.9% increase. Analysts are encouraged by the company’s performance, citing recently implemented cost-cutting initiatives and improved customer engagement as the main drivers of success. With the revenue and profit levels continuing to rise, WYNN RESORTS has solidified itself as a great investment opportunity in the near future.
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