The Las Vegas company reported a first-quarter net loss of $2.41 per share vs consensus estimates of a loss of $2.02 per share. Revenue of $726 million also fell short of consensus estimates of $758 million.
Wynn Resorts shares were up 1.8% to $127.97 Tuesday morning.
"Our first quarter results reflect continued progress in our business as consumers began to once again travel to their favorite leisure and gaming destinations," said Matt Maddox, CEO of Wynn Resorts, Limited.
Analysts at Stifel maintained a buy rating and a $157 price target on Wynn following the report.
"While most of the attention exiting the quarter will be around the spinout of Wynn Interactive, we believe the attention should be focused on the encouraging 2Q21 QTD trends that have been witnessed in Macau/Vegas/Boston. The waiting game around Macau hitting an inflection point could be here sooner rather than later and we encourage investors to accumulate WYNN shares before that happens," said analyst Steven Wieczynski.
Analysts at Deutsche Bank also maintained a buy rating on the stock, albeit with a $140 price target.
"As revenue at both Wynn Las Vegas and Encore Boston Harbor continue to ramp, we believe investors will garner more comfort in the permanence of the cost reductions at the assets," said analyst Carlo Santarelli. "We would note that both our Las Vegas and Encore Boston Harbor forecasts are up from our prior forecasts and drove the bulk of our favorable revisions."
Analysts at Jefferies maintained a hold rating while raising its price target to $123 from $107 per share.
"The results disappointed as Macau and Las Vegas recovery remained muted for WYNN, though Mgt. noted Las Vegas has accelerated in April, consistent with peers. Perhaps more importantly, the company announced plans to spin-off Wynn Interactive through a SPAC transaction. Although we believe digital strategies are required of branded landbased gaming companies, the structure and time-to-closing could weigh on the value realization," analyst David Katz.