Wynn Resorts, Limited Q3 2026 Earnings Recap

Wynn Resorts shares rose 4.8% after earnings. Las Vegas demand indicators and October trends, alongside healthy near-term booking commentary, appear to have outweighed a mixed quarter that included a summer headwind, unfavorable hold in Las Vegas, and softness in Macau late in the quarter.

Key Takeaways

• Wynn Las Vegas reported $158.8 million in adjusted property EBITDAR on $575.2 million of revenue, at a 27.6% margin; unfavorable hold reduced EBITDAR by just under $24 million.
• Las Vegas RevPAR and ADR each increased 3%, while retail lease revenue rose 8%. Management said October casino drop, ADR, RevPAR, and retail tenant sales were all up year-over-year.
• Encore Boston Harbor generated $50.1 million of adjusted property EBITDAR on $194.7 million of revenue, at a 25.8% margin. Management cited the September labor strike as a modest headwind.
• Macau delivered $255.3 million of adjusted property EBITDAR on $919.2 million of revenue; VIP hold added just under $12.3 million. Management described the quarter as mixed, with September soft and volumes declining toward the end of October.
• The company reported $4 billion of cash and revolver availability as of September 30. Macau expansionary CapEx is expected to be $350 million–$400 million for 2026; Wynn Al Marjan Island remains on schedule to open in September 2027.