Wynn Resorts reports third-quarter revenue of $1.69bn, down year on year
Results2 min read
Wynn Resorts reported operating revenue of $1.69bn for the third quarter of 2026, down $144.7m from the same period in 2025. Net income attributable to the company fell to $17.3m from $88.3m, while adjusted property EBITDAR declined to $464.2m from $570.1m. Chief executive Craig Billings said lower-than-expected table-game win rates affected Las Vegas results.
Wynn Resorts reported operating revenue of $1.69bn in Q3 2026, down $144.7m from $1.83bn a year earlier. Adjusted property EBITDAR fell by $105.9m to $464.2m, from $570.1m in Q3 2025.
Net income attributable to Wynn fell to $17.3m from $88.3m, while diluted earnings per share declined to $0.17 from $0.85. Adjusted net income was $33.9m, compared with $88.7m a year earlier.
Revenue and adjusted property EBITDAR fell across all four operating areas. At Wynn Palace, revenue declined to $583.8m from $635.5m in Q3 2025, and adjusted property EBITDAR fell to $165.8m from $200.3m. Wynn Macau revenue fell to $335.4m from $365.5m a year earlier, while adjusted property EBITDAR dropped to $89.5m from $108m. Las Vegas revenue fell to $575.2m from $621m, and adjusted property EBITDAR declined to $158.8m from $203.4m. At Encore Boston Harbor, revenue was $194.7m, down from $211.8m in Q3 2025, while adjusted property EBITDAR fell to $50.1m from $58.4m.
Chief executive Craig Billings said demand remained positive in Las Vegas and Macao despite slower market conditions, but a lower-than-expected table-game win rate affected Las Vegas results. The Las Vegas table-game win rate was 18.9%, below Wynn's expected range of 22% to 26%.
Wynn contributed a further $62.2m in Q3 to the joint venture developing Wynn Al Marjan Island in the United Arab Emirates, taking its total contributions since the project began to $1.12bn. Wynn owns 40% of the joint venture, and the resort is expected to open in September 2027. Billings said most project costs had been established and work was progressing on finishes and guest-room interiors. He said future development decisions would remain focused on completing the investment in the Emirates.
At 30 September 2026, Wynn held $1.64bn in cash and cash equivalents, while Wynn Macau Limited held $150.2m in short-term investments. Total short- and long-term debt was $10.73bn. In September, subsidiary Wynn Resorts Finance issued $900m of senior notes due in 2035 with a 6.875% coupon, using the proceeds and available cash to repay a $900m bond issue due in 2027.
Wynn's board declared a cash dividend of $0.25 per share, payable on 30 November 2026 to shareholders of record on 16 November.