second quarter of 2026
Filed Aug 4, 2026Wynn Resorts reported second-quarter operating revenues of $1.86 billion, net income attributable to Wynn Resorts, Limited of $140.1 million, and Adjusted Property EBITDAR of $568.3 million.
Operating revenues, net income, diluted EPS, adjusted net income and consolidated Adjusted Property EBITDAR increased from the second quarter of 2025, led by Wynn Palace. Las Vegas Operations, Encore Boston Harbor and Wynn Macau reported lower Adjusted Property EBITDAR year over year.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Operating revenuesGAAP | $1.86 billion | – | an increase of $119.1 million |
| Net income attributable to Wynn Resorts, LimitedGAAP | $140.1 million | – | – |
| Diluted net income per shareGAAP | $1.32 | – | – |
| Adjusted net income attributable to Wynn Resorts, Limitednon-GAAP | $127.5 million | – | – |
| Adjusted net income per diluted sharenon-GAAP | $1.24 per diluted share | – | – |
| Adjusted Property EBITDARnon-GAAP | $568.3 million | – | an increase of $15.9 million |
| Wynn Palace Adjusted Property EBITDARnon-GAAP | $201.5 million | – | increased $44.3 million |
| Wynn Macau Adjusted Property EBITDARnon-GAAP | $95.5 million | – | decreased $1.0 million |
| Las Vegas Operations Adjusted Property EBITDARnon-GAAP | $215.2 million | – | decreased $19.6 million |
| Encore Boston Harbor Adjusted Property EBITDARnon-GAAP | $56.1 million | – | decreased $7.8 million |
| Wynn Palace mass market table games win percentageother | 29.7% | – | – |
| Wynn Palace VIP table games win as a percentage of turnoverother | 2.97% | – | – |
| Wynn Macau mass market table games win percentageother | 17.1% | – | – |
| Wynn Macau VIP table games win as a percentage of turnoverother | 2.58% | – | – |
| Las Vegas Operations table games win percentageother | 23.9% | – | – |
| Encore Boston Harbor table games win percentageother | 18.1% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Wynn PalaceTable games win percentage in mass market operations was 29.7%, above the 22.3% experienced in the second quarter of 2025. VIP table games win as a percentage of turnover was 2.97%, below the property's expected range of 3.1% to 3.4% and above the 2.86% experienced in the second quarter of 2025. | $653.4 million | – | an increase of $113.8 million |
| Wynn MacauTable games win percentage in mass market operations was 17.1%, below the 17.4% experienced in the second quarter of 2025. VIP table games win as a percentage of turnover was 2.58%, below the property's expected range of 3.1% to 3.4% and below the 3.41% experienced in the second quarter of 2025. | $351.1 million | – | an increase of $7.3 million |
| Las Vegas OperationsTable games win percentage was 23.9%, within the property's expected range of 22% to 26% and above the 21.8% experienced in the second quarter of 2025. | $643.2 million | – | an increase of $4.6 million |
| Encore Boston HarborTable games win percentage was 18.1%, within the property's expected range of 18% to 22% and below the 21.3% experienced in the second quarter of 2025. | $209.3 million | – | a decrease of $6.4 million |
September 2027 outlook
- NoteWynn Al Marjan Island is currently expected to open in September 2027.
Capital returns
- The Board of Directors declared a cash dividend of $0.25 per share, payable on August 28, 2026 to stockholders of record as of August 14, 2026.
- During the second quarter of 2026, the Company repurchased 741,098 shares of its common stock at an average price of $101.20 per share, for an aggregate cost of $75.0 million.
- As of June 30, 2026, the Company had $326.1 million in repurchase authority remaining under the equity repurchase program.
What drove it
- Consolidated operating revenues increased $113.8 million at Wynn Palace, $7.3 million at Wynn Macau, and $4.6 million at Las Vegas Operations, partly offset by a $6.4 million decrease at Encore Boston Harbor.
- Consolidated Adjusted Property EBITDAR increased $44.3 million at Wynn Palace, partly offset by decreases of $19.6 million at Las Vegas Operations, $7.8 million at Encore Boston Harbor, and $1.0 million at Wynn Macau.
- The Company reported a monthly record for Adjusted Property EBITDAR in Las Vegas in May.
- Wynn Palace mass market table games win percentage was 29.7%, above the 22.3% experienced in the second quarter of 2025.
Concerns
- Las Vegas Operations Adjusted Property EBITDAR decreased $19.6 million from the second quarter of 2025 despite operating-revenue growth of $4.6 million.
- Encore Boston Harbor operating revenues decreased $6.4 million and Adjusted Property EBITDAR decreased $7.8 million from the second quarter of 2025.
- Wynn Macau VIP table games win as a percentage of turnover was 2.58%, below the property's expected range of 3.1% to 3.4% and below the 3.41% experienced in the second quarter of 2025.
- Wynn Palace VIP table games win as a percentage of turnover was 2.97%, below the property's expected range of 3.1% to 3.4%.
- Total current and long-term debt outstanding at June 30, 2026 was $10.72 billion.
What to watch
- Wynn Al Marjan Island is currently expected to open in September 2027.
- The Company had contributed $1.06 billion of cash life to date to the 40%-owned joint venture constructing Wynn Al Marjan Island as of the second quarter of 2026.
- Las Vegas Operations and Encore Boston Harbor Adjusted Property EBITDAR declined from the second quarter of 2025.
- Wynn Macau VIP table games win as a percentage of turnover was below the property's expected range of 3.1% to 3.4%.
Balance sheet and cash flow
- Cash and cash equivalents as of June 30, 2026 totaled $1.57 billion, excluding $527.4 million of short-term investments held by Wynn Macau, Limited.
- Cash and cash equivalents included $944.8 million held by Wynn Macau, Limited and subsidiaries, $393.4 million held by Wynn Resorts Finance, LLC and subsidiaries excluding Wynn Macau, Limited, and $235.2 million held at Corporate and other.
- Available borrowing capacity under the WRF Revolver was $1.03 billion as of June 30, 2026.
- Available borrowing capacity under the WM Cayman II Revolver was $1.35 billion as of June 30, 2026.
- Total current and long-term debt outstanding at June 30, 2026 was $10.72 billion, comprised of $5.76 billion of Macau-related debt, $877.8 million of Wynn Las Vegas debt, $3.49 billion of WRF debt, and $598.9 million of debt held by the retail joint venture which the Company consolidates.
- During the second quarter of 2026, the Company contributed $48.1 million of cash to the 40%-owned joint venture constructing Wynn Al Marjan Island, bringing life-to-date cash contributions to $1.06 billion.
Analysis
Wynn Resorts reported operating revenues of $1.86 billion for the second quarter of 2026, compared with $1.74 billion for the second quarter of 2025. Net income attributable to Wynn Resorts, Limited was $140.1 million, compared with $66.2 million, while diluted net income per share was $1.32, compared with $0.64. Adjusted net income attributable to Wynn Resorts, Limited was $127.5 million, or $1.24 per diluted share, compared with $113.3 million, or $1.09 per diluted share.
Macau was the principal source of reported revenue growth. Wynn Palace operating revenues increased $113.8 million to $653.4 million, and its Adjusted Property EBITDAR increased $44.3 million to $201.5 million. Wynn Macau operating revenues increased $7.3 million to $351.1 million, but Adjusted Property EBITDAR decreased $1.0 million to $95.5 million. Wynn Palace mass market table games win percentage was 29.7%, while Wynn Macau mass market table games win percentage was 17.1% and VIP table games win as a percentage of turnover was 2.58%, below its expected range of 3.1% to 3.4%.
Las Vegas Operations generated operating revenues of $643.2 million, an increase of $4.6 million, but Adjusted Property EBITDAR decreased $19.6 million to $215.2 million. Encore Boston Harbor operating revenues decreased $6.4 million to $209.3 million and Adjusted Property EBITDAR decreased $7.8 million to $56.1 million. The Company cited a monthly record for Adjusted Property EBITDAR in Las Vegas in May, while property-level year-over-year EBITDAR comparisons remained negative at Las Vegas Operations and Encore Boston Harbor.
Consolidated Adjusted Property EBITDAR increased $15.9 million to $568.3 million. The Company returned $75.0 million through repurchases and declared a cash dividend of $0.25 per share. Cash and cash equivalents totaled $1.57 billion, excluding $527.4 million of short-term investments held by Wynn Macau, Limited, while total current and long-term debt outstanding was $10.72 billion.
The Company contributed $48.1 million of cash during the quarter to the 40%-owned Wynn Al Marjan Island joint venture, bringing life-to-date cash contributions to $1.06 billion. Wynn Al Marjan Island is currently expected to open in September 2027. The release did not provide forward revenue, margin, expense, tax-rate, earnings, or cash-flow guidance.
Management, verbatim
Our second quarter results, including a monthly record for Adjusted Property EBITDAR in Las Vegas in May, and strong performance in Macau, reflect continued healthy demand dynamics throughout our business. I am incredibly proud of our teams in both regions.
Craig Billings, CEO of Wynn Resorts, Limited
Importantly, we continue to invest in both growing and diversifying our business with construction at Wynn Al Marjan Island progressing at a rapid pace. Wynn Resorts, alongside our partners in Ras Al Khaimah, are now pleased to announce that Wynn Al Marjan Island, the most exciting integrated resort to be developed in over a decade, will open its doors to guests in September of 2027.
Craig Billings, CEO of Wynn Resorts, Limited
Not in the filing
stated, not guessed- Gross margin, gross profit, operating income, operating margin, operating expenses, tax rate, and interest expense were not provided in the supplied filing text.
- Operating cash flow, free cash flow, capital expenditures, and cash-flow comparisons were not provided in the supplied filing text.
- Prior-quarter figures and quarter-over-quarter changes were not provided for reported metrics.
- Percentage revenue growth and percentage Adjusted Property EBITDAR growth were not provided for the consolidated company or properties.
- Formal financial guidance for revenue, gross margin, operating expenses, tax rate, earnings, capital expenditures, operating cash flow, or free cash flow was not provided.
- A previous outlook section was not provided, so prior-guidance comparisons cannot be made.
- The supplied filing text is truncated following the beginning of the non-GAAP financial-measures discussion; any financial-statement metrics or reconciliations appearing after the truncation are not available for analysis.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.