Wynn Resorts are up after another great quarter but remain cheap

Shares of Wynn Resorts popped 2% in after-hours trading Tuesday after the casino operator reported stronger-than-expected quarterly results, driven by the Super Bowl in Las Vegas and the recovery in China’s Macao region. We’re surprised the stock isn’t up more. Operating revenue increased 31% year over year, to $1.86 billion, beating expectations of $1.79 billion, according to estimates compiled by LSEG. Adjusted earnings per share (EPS) came in at $1.59 per share, a big beat versus the LSEG consensus estimate of $1.27. Adjusted property EBITDAR (earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs) — Wynn’s key metric…