Wynn Resorts inks labor deal with Vegas culinary workers hours ahead of strike deadline

The Culinary Workers Union Local 226 in Las Vegas announced on Friday that it reached a tentative agreement towards a new five-year contract with Wynn Resorts (NASDAQ:WYNN). The union said the deal was struck with less than three hours to go before the strike deadline.

The tentative agreement with Wynn Resorts (WYNN) will cover approximately 5K hospitality workers in Las Vegas. Earlier in the week, Caesars Entertainment (CZR) and MGM Resorts International (MGM) worked out new tentative labor agreements for their culinary workers and bartenders.

During the Wynn Resorts (WYNN) earnings call (transcript), management pointed to a strong pipeline of forward group demand, very healthy gaming market share, and a robust programing calendar with F1 and Super Bowl just ahead. “And while it’s certainly is an increasingly complex world out there between inflation, rates, geopolitics, things continue to feel pretty good around here,” stated CEO Craig Billings.

Shares of Wynn Resorts (WYNN) were down 4.85% in premarket trading on Friday.