Wynn Resorts, Limited Earnings Recaps
Q1 2026
May 8, 2026
Shares of Wynn Resorts dropped 4.8% after earnings as investors reacted negatively to margin compression and cautious outlook around ongoing operational challenges, despite solid top-line growth across key properties.
Key takeaways
- Adjusted EBITDAR margins declined across regions: Las Vegas at 35.1%, Boston at 24.6%, and Macau at 28.2%, reflecting increased operating expenses and wage pressures.
- Macau’s EBITDAR was negatively impacted by $17 million due to lower-than-normal VIP hold, offsetting strong mass market growth with mass drop up 19% and handle up 32% year-over-year.
- Operating expenses rose notably: 6.8% in Las Vegas, 3.9% in Boston, and 9.9% in Macau, driven by higher volumes, new venue staffing, contractual wage increases, and expansions.
- Wynn Al Marjan project in UAE faces modest delays due to regional logistical and shipping challenges, adding uncertainty to future growth prospects.
- CapEx expected between $400 million and $450 million in 2026, including early-stage spend on the $900-$950 million Enclave expansion in Macau, indicating a heavy near-term investment burden.
Q3 2025
Nov 7, 2025
Wynn Resorts reported a solid Q3 2025 performance, with significant growth in gaming revenues and strong EBITDAR driven by market share gains across its key locations, despite some operational challenges.
Key takeaways
- Wynn Las Vegas achieved EBITDA growth of 3% to $211 million, with casino revenues up 10% and a strategic focus on preserving ADR contributing to flat hotel revenue.
- Encore Boston Harbor generated $58 million in EBITDAR, with slot revenues increasing over 5% year-on-year amidst controlled operating expenses.
- Macau operations delivered $308 million in EBITDAR, bolstered by a VIP hold benefit, with mass volumes up 15% year-on-year despite weather disruptions.
- Upcoming projects, including expansions in Macau and the development of Wynn Al Marjan Island, position the company for future growth and capitalize on rising premium market demand.
- While facing some expected headwinds from property renovations, the long-term outlook remains positive, bolstered by strong demand signals in Las Vegas and Macau.