Stock Story -
Luxury hotels and casino operator Wynn Resorts (NASDAQ:WYNN) will be reporting results tomorrow after market hours. Here's what to expect.
Wynn Resorts beat analysts' revenue expectations by 3.5% last quarter, reporting revenues of $1.86 billion, up 30.9% year on year. It was a very strong quarter for the company, with a decent beat of analysts' earnings estimates.
Is Wynn Resorts a buy or sell going into earnings? Find out by reading the original article on StockStory, it's free.
This quarter, analysts are expecting Wynn Resorts's revenue to grow 9.3% year on year to $1.74 billion, slowing from the 75.6% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.19 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Wynn Resorts has only missed Wall Street's revenue estimates once over the last two years, exceeding top-line expectations by 2.9% on average.
Looking at Wynn Resorts's peers in the casino operator segment, some have already reported their Q2 results, giving us a hint as to what we can expect. MGM Resorts (NYSE:MGM) delivered year-on-year revenue growth of 9.8%, beating analysts' expectations by 2.9%, and Boyd Gaming reported revenues up 5.5%, topping estimates by 6.4%. MGM Resorts traded down 13.3% following the results while Boyd Gaming was up 4.5%.
Read the full analysis of MGM Resorts's and Boyd Gaming's results on StockStory.
There has been positive sentiment among investors in the casino operator segment, with share prices up 3.3% on average over the last month. Wynn Resorts is down 10.1% during the same time and is heading into earnings with an average analyst price target of $122.8 (compared to the current share price of $76.68).
