By Wynn Resorts (NASDAQ: WYNN) surged 12% premarket after Macau’s gaming revenue reached $3.9 billion in April, its highest since 2019. The rebound was driven by China’s eased travel restrictions and high-roller demand, with Wynn’s VIP turnover up 45% YoY.
Key Metrics:
- Q1 Revenue: $1.8 billion (+38% YoY), EBITDA margins at 32%.
- U.S. Expansion: New Las Vegas nightclub Apex drove 20% higher foot traffic.
- Debt Reduction: 500 million repaid, cutting interest costs by 60M annually.
Analyst Reaction:
“Macau’s recovery is just beginning,” noted Morgan Stanley’s Thomas Allen.