Wynn Resorts Profit Collapses in Third Quarter

The Tip Desk · November 5, 2026 · 4 min read

Third-quarter net income attributable to Wynn Resorts fell to $17.3 million, or $0.17 a share, from $88.3 million a year earlier.

Wynn Resorts, Limited (WYNN), the Las Vegas-based casino and resort operator, reported a sharp drop in profit for the third quarter ended September 30, 2026, as operating revenues at every major property declined from a year earlier.

Net income attributable to the company was $17.3 million, or $0.17 a share, compared with $88.3 million, or $0.85 a share, in the third quarter of 2025. Adjusted net income was $33.9 million, or $0.33 a share. Adjusted Property EBITDAR was $464.2 million, down $105.9 million from $570.1 million a year earlier.

Operating revenues were $1.69 billion, a decrease of $144.7 million from $1.83 billion in the third quarter of 2025. That reversed the year-over-year revenue increases recorded in the first two quarters of 2026, when the company posted $1.86 billion in both the first and second quarters.

Chief Executive Craig Billings said the results “demonstrated strong operational discipline from the teams in each of our regions” and that Wynn Las Vegas and the Macau properties “both saw healthy demand amid slower market conditions.” He said Wynn Las Vegas “was also negatively impacted by a hold rate outside of our expected range,” and that in Boston the team managed through a strike that began in early September.

Las Vegas Operations were the largest drag on Adjusted Property EBITDAR. Operating revenues there were $575.2 million, down $45.8 million from $621.0 million a year earlier. Adjusted Property EBITDAR at Las Vegas Operations was $158.8 million, down $44.6 million from $203.4 million. Table games win percentage was 18.9%, below the property’s expected range of 22% to 26% and below 23.0% in the third quarter of 2025.

Wynn Palace, the company’s largest Macau resort, posted operating revenues of $583.8 million, down $51.7 million from $635.5 million a year earlier. Adjusted Property EBITDAR at Wynn Palace was $165.8 million, down $34.5 million from $200.3 million. VIP table games win as a percentage of turnover was 3.82%, above the property’s expected range of 3.1% to 3.4% and below 4.68% a year earlier. Mass-market table games win percentage was 25.8%.

Wynn Macau operating revenues were $335.4 million, down $30.1 million from $365.5 million a year earlier. Adjusted Property EBITDAR was $89.5 million, down $18.5 million from $108.0 million. Mass-market table games win percentage was 17.1%. VIP table games win as a percentage of turnover was 4.88%, above the property’s expected range of 3.1% to 3.4% and above 2.93% a year earlier.

Encore Boston Harbor operating revenues were $194.7 million, down $17.1 million from $211.8 million a year earlier. Adjusted Property EBITDAR was $50.1 million, down $8.3 million from $58.4 million. Table games win percentage was 18.9%, within the property’s expected range of 18% to 22%.

On the balance sheet, cash and cash equivalents totaled $1.64 billion as of September 30, 2026, excluding $150.2 million of short-term investments held by Wynn Macau, Limited. Total current and long-term debt outstanding was $10.73 billion. In September 2026, Wynn Resorts Finance and a subsidiary issued $900.0 million of 6.875% senior notes due 2035 and used the proceeds, along with cash on hand, to redeem in full $900.0 million of Wynn Las Vegas 5.250% senior notes due 2027.

The company contributed $62.2 million of cash in the third quarter to the 40%-owned joint venture constructing Wynn Al Marjan Island in the UAE, bringing life-to-date cash contributions to $1.12 billion. Billings said interior fit-out of all guest rooms was underway as the company moved toward a planned September 2027 opening.

During the quarter the company repurchased 627,475 shares at an average price of $92.61 a share, for an aggregate cost of $58.1 million. Remaining repurchase authority was $268.0 million. The board declared a cash dividend of $0.25 a share, payable November 30, 2026.