Wynn Resorts, Limited Reports Third Quarter 2026 Results
The refinancing replaced notes due 2027 with notes due 2035, raising the coupon from 5.250% to 6.875%.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Wynn Resorts (NASDAQ: WYNN) reported third-quarter 2026 operating revenues of $1.69 billion, down from the same quarter a year earlier. Revenue fell $144.7 million from $1.83 billion. Net income attributable to Wynn declined to $17.3 million from $88.3 million, and diluted earnings per share fell to $0.17 from $0.85. Adjusted Property EBITDAR, a measure of property earnings before specified expenses, decreased to $464.2 million from $570.1 million.
Revenue and adjusted property earnings declined at all four resorts or operating groups. Las Vegas table-game win percentage was below its expected range, while a strike began at Encore Boston Harbor in early September. Wynn contributed $62.2 million to its 40%-owned UAE development, which it expects to open in September 2027. The company also refinanced $900.0 million of notes and declared a $0.25-per-share dividend payable November 30, 2026.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointNine-month revenue increased to $5,402.748 million from $5,271.941 million in 2025.
- Moderate pointNine-month attributable net income rose to $277.837 million from $227.306 million in 2025.
- Moderate pointDebt refinancing extended maturity from 2027 to 2035 on $900.0 million of notes. 11% of market cap
- Minor pointNine-month diluted earnings per share rose to $2.58 from $2.18 in 2025.
- Minor point. Forward-looking: it has not happened yet and may not happen.Wynn Al Marjan Island finishing work progressed; Wynn expects a September 2027 opening.
4 minor points
- Minor pointAvailable revolving borrowing capacity totaled $1.03 billion at WRF and $1.35 billion at WM Cayman II.
- Minor pointWynn Palace mass-market table-game win percentage rose to 25.8% from 22.6% in third-quarter 2025.
- Minor pointWynn Macau VIP win rate reached 4.88%, above its 3.1%–3.4% expected range and third-quarter 2025's 2.93%.
- Minor pointThird-quarter net interest expense declined to $151.735 million from $157.581 million a year earlier.
Negative
- Major pointThird-quarter attributable net income fell to $17.3 million from $88.3 million a year earlier.
- Moderate pointThird-quarter revenue declined $144.7 million to $1.69 billion from $1.83 billion a year earlier.
- Moderate pointThird-quarter Adjusted Property EBITDAR fell $105.9 million to $464.2 million from $570.1 million a year earlier.
- Moderate pointEncore Boston Harbor operated through a strike beginning in early September.
- Moderate pointCurrent and long-term debt outstanding totaled $10.73 billion at September 30, 2026.
- Moderate pointThird-quarter operating income declined to $178.222 million from $310.489 million a year earlier.
- Moderate pointNine-month operating income fell to $758.414 million from $843.678 million in 2025.
- Moderate pointNine-month adjusted attributable earnings fell to $291.078 million from $315.179 million in 2025.
20 minor points
- Minor pointThird-quarter diluted earnings per share fell to $0.17 from $0.85 a year earlier.
- Minor pointThird-quarter adjusted attributable earnings fell to $33.9 million, or $0.33 per diluted share, from $88.7 million, or $0.86.
- Minor pointWynn Palace third-quarter revenue declined to $583.8 million from $635.5 million a year earlier.
- Minor pointWynn Palace third-quarter Adjusted Property EBITDAR declined to $165.8 million from $200.3 million a year earlier.
- Minor pointWynn Macau third-quarter revenue declined to $335.4 million from $365.5 million a year earlier.
- Minor pointWynn Macau third-quarter Adjusted Property EBITDAR declined to $89.5 million from $108.0 million a year earlier.
- Minor pointLas Vegas third-quarter revenue declined to $575.2 million from $621.0 million a year earlier.
- Minor pointLas Vegas third-quarter Adjusted Property EBITDAR declined to $158.8 million from $203.4 million a year earlier.
- Minor pointEncore Boston Harbor third-quarter revenue declined to $194.7 million from $211.8 million a year earlier.
- Minor pointEncore Boston Harbor third-quarter Adjusted Property EBITDAR declined to $50.1 million from $58.4 million a year earlier.
- Minor pointLas Vegas table-game win rate was 18.9%, below its 22%–26% expected range and third-quarter 2025's 23.0%.
- Minor pointWynn Palace VIP win rate was 3.82%, above its 3.1%–3.4% expected range but below third-quarter 2025's 4.68%.
- Minor pointWynn Macau mass-market table-game win percentage fell to 17.1% from 18.7% in third-quarter 2025.
- Minor pointEncore Boston Harbor table-game win rate was 18.9%, within its 18%–22% expected range but below third-quarter 2025's 20.5%.
- Minor pointUAE development cash contributions were $62.2 million in third-quarter 2026, bringing life-to-date contributions to $1.12 billion.
- Minor pointReplacement notes carry a 6.875% coupon, versus 5.250% on the redeemed $900.0 million notes.
- Minor pointThird-quarter property charges and other rose to $22.031 million from $6.154 million a year earlier.
- Minor pointThird-quarter credit-loss provision increased to $9.023 million from $4.505 million a year earlier.
- Minor pointThird-quarter debt-financing losses increased to $5.389 million from $0.618 million a year earlier.
- Minor pointNine-month adjusted diluted earnings per share fell to $2.83 from $3.02 in 2025.
News Explained
During the third quarter, Wynn Resorts spent
Details
Market Reaction – WYNN
On Nov 5, the day this news came out, the latest delayed price for WYNN is 2.50% below the previous close. Our momentum scanner has recorded 32 alerts for this stock so far that day. The latest delayed price is $77.34. Relative volume is above average at 1.8x what this stock usually trades by this time of day.
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Key Figures
- Operating revenue
- $1.69 billion
- Q3 2026; down from $1.83 billion in Q3 2025
- Net income attributable
- $17.3 million
- Q3 2026; compared with $88.3 million in Q3 2025
- Diluted net income per share
- $0.17
- Q3 2026; compared with $0.85 in Q3 2025
- Adjusted Property EBITDAR
- $464.2 million
- Q3 2026; compared with $570.1 million in Q3 2025
- Cash dividend
- $0.25 per share
- Declared November 5, 2026; payable November 30, 2026
Previous Earnings Reports
-
Q2 2026 revenue, attributable net income and Adjusted Property EBITDAR increased year over year.
-
Q3 2025 results provide the direct year-ago baseline for current revenue and earnings comparisons.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
ebitdar financial
senior notes financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Operating revenues were
"Our third quarter results demonstrated strong operational discipline from the teams in each of our regions," said Craig Billings, CEO of Wynn Resorts, Limited. "Wynn Las Vegas and our
Consolidated Results
Operating revenues were
Net income attributable to Wynn Resorts, Limited was
Adjusted Property EBITDAR was
Wynn Resorts, Limited also announced on November 5, 2026 that its Board of Directors declared a cash dividend of
Property Results
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were
Wynn Macau
Operating revenues from Wynn Macau were
Las Vegas Operations
Operating revenues from our Las Vegas Operations were
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were
Wynn Al Marjan Island Development
During the third quarter of 2026, the Company contributed
Balance Sheet
Our cash and cash equivalents as of September 30, 2026 totaled
Total current and long-term debt outstanding at September 30, 2026 was
Recent Debt Financing Activities
In September 2026, WRF and its subsidiary Wynn Resorts Capital Corp. issued
Equity Repurchase Program
During the third quarter of 2026, the Company repurchased 627,475 shares of its common stock under its publicly announced equity repurchase program at an average price of
Conference Call and Other Information
The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC, on November 5, 2026 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before November 16, 2026, the Company will make Wynn Resorts Finance, LLC financial information for the quarter ended September 30, 2026 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com to obtain access to such financial information.
Forward-looking Statements
This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the
Non-GAAP Financial Measures
(1) "Adjusted Property EBITDAR" is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on debt financing transactions and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income (loss) as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
(2) "Adjusted net income attributable to Wynn Resorts, Limited" is net income attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other expenses, change in derivatives fair value, loss on debt financing transactions, foreign currency remeasurement and other, and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net income per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
The Company has included schedules in the tables that accompany this release that reconcile (i) net income attributable to Wynn Resorts, Limited to adjusted net income attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDAR, and (iii) net income attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR.
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) (unaudited)
|
|||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Operating revenues: |
|
|
|
|
|
|
|
|
Casino |
|
|
|
|
|
|
|
|
Rooms |
261,499 |
|
270,484 |
|
842,183 |
|
836,058 |
|
Food and beverage |
257,657 |
|
261,990 |
|
781,020 |
|
772,926 |
|
Entertainment, retail and other |
119,426 |
|
126,556 |
|
376,553 |
|
395,976 |
|
Total operating revenues |
1,689,053 |
|
1,833,747 |
|
5,402,748 |
|
5,271,941 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Casino |
674,247 |
|
705,421 |
|
2,128,301 |
|
1,983,362 |
|
Rooms |
83,425 |
|
86,385 |
|
261,785 |
|
256,524 |
|
Food and beverage |
226,298 |
|
231,100 |
|
691,762 |
|
656,167 |
|
Entertainment, retail and other |
49,968 |
|
54,541 |
|
161,071 |
|
174,768 |
|
General and administrative |
276,413 |
|
275,035 |
|
821,732 |
|
831,539 |
|
Provision for credit losses |
9,023 |
|
4,505 |
|
20,010 |
|
9,254 |
|
Pre-opening |
2,644 |
|
7,289 |
|
23,621 |
|
23,862 |
|
Depreciation and amortization |
166,782 |
|
152,828 |
|
492,730 |
|
461,156 |
|
Property charges and other |
22,031 |
|
6,154 |
|
43,322 |
|
31,631 |
|
Total operating expenses |
1,510,831 |
|
1,523,258 |
|
4,644,334 |
|
4,428,263 |
|
Operating income |
178,222 |
|
310,489 |
|
758,414 |
|
843,678 |
|
Other income (expense): |
|
|
|
|
|
|
|
|
Interest income |
12,645 |
|
16,581 |
|
38,511 |
|
51,799 |
|
Interest expense, net of amounts capitalized |
(151,735) |
|
(157,581) |
|
(456,274) |
|
(469,740) |
|
Change in derivatives fair value |
10,498 |
|
(13,176) |
|
100,555 |
|
(43,827) |
|
Loss on debt financing transactions |
(5,389) |
|
(618) |
|
(5,389) |
|
(1,701) |
|
Other |
(1,901) |
|
33,868 |
|
(34,081) |
|
(10,670) |
|
Other income (expense), net |
(135,882) |
|
(120,926) |
|
(356,678) |
|
(474,139) |
|
Income before income taxes |
42,340 |
|
189,563 |
|
401,736 |
|
369,539 |
|
Provision for income taxes |
(5,577) |
|
(61,136) |
|
(31,863) |
|
(82,746) |
|
Net income |
36,763 |
|
128,427 |
|
369,873 |
|
286,793 |
|
Less: net income attributable to noncontrolling interests |
(19,442) |
|
(40,086) |
|
(92,036) |
|
(59,487) |
|
Net income attributable to Wynn Resorts, Limited |
$ 17,321 |
|
$ 88,341 |
|
$ 277,837 |
|
$ 227,306 |
|
Basic and diluted net income per common share: |
|
|
|
|
|
|
|
|
Net income attributable to Wynn Resorts, Limited: |
|
|
|
|
|||
|
Basic |
$ 0.17 |
|
$ 0.86 |
|
$ 2.71 |
|
$ 2.19 |
|
Diluted |
$ 0.17 |
|
$ 0.85 |
|
$ 2.58 |
|
$ 2.18 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
102,005 |
|
102,909 |
|
102,550 |
|
103,955 |
|
Diluted |
102,267 |
|
103,636 |
|
103,013 |
|
104,373 |
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED (in thousands, except per share data) (unaudited)
|
|||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Net income attributable to Wynn Resorts, Limited |
$ 17,321 |
|
$ 88,341 |
|
$ 277,837 |
|
$ 227,306 |
|
Pre-opening expenses |
2,644 |
|
7,289 |
|
23,621 |
|
23,862 |
|
Property charges and other |
22,031 |
|
6,154 |
|
43,322 |
|
31,631 |
|
Change in derivatives fair value |
(10,498) |
|
13,176 |
|
(100,555) |
|
43,827 |
|
Loss on debt financing transactions |
5,389 |
|
618 |
|
5,389 |
|
1,701 |
|
Foreign currency remeasurement and other |
1,901 |
|
(33,868) |
|
34,081 |
|
10,670 |
|
Income tax impact on adjustments |
(4,963) |
|
2,846 |
|
(7,347) |
|
(2,008) |
|
Noncontrolling interests impact on adjustments |
67 |
|
4,143 |
|
14,730 |
|
(21,810) |
|
Adjusted net income attributable to Wynn Resorts, Limited |
$ 33,892 |
|
$ 88,699 |
|
$ 291,078 |
|
$ 315,179 |
|
Adjusted net income attributable to Wynn Resorts, Limited per diluted share |
$ 0.33 |
|
$ 0.86 |
|
$ 2.83 |
|
$ 3.02 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - diluted |
102,267 |
|
103,636 |
|
103,013 |
|
104,373 |
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)
|
|||||||||||||||
|
|
Three Months Ended September 30, 2026 |
||||||||||||||
|
|
Wynn Palace |
|
Wynn |
|
Other |
|
Total Operations |
|
Operations |
|
Encore Harbor |
|
Corporate and Other |
|
Total |
|
Operating income (loss) |
$ 67,905 |
|
$ 50,757 |
|
$ (10,375) |
|
$ 108,287 |
|
$ 45,445 |
|
$ (13,928) |
|
$ 38,418 |
|
$ 178,222 |
|
Pre-opening expenses |
375 |
|
— |
|
— |
|
375 |
|
2,116 |
|
— |
|
153 |
|
2,644 |
|
Depreciation and amortization |
57,421 |
|
21,109 |
|
395 |
|
78,925 |
|
68,603 |
|
15,217 |
|
4,037 |
|
166,782 |
|
Property charges and other |
15,305 |
|
299 |
|
191 |
|
15,795 |
|
4,957 |
|
933 |
|
346 |
|
22,031 |
|
Management and license fees |
18,510 |
|
10,230 |
|
— |
|
28,740 |
|
27,157 |
|
9,425 |
|
(65,322) |
|
— |
|
Corporate expenses and other |
2,246 |
|
2,112 |
|
9,039 |
|
13,397 |
|
8,147 |
|
2,119 |
|
15,361 |
|
39,024 |
|
Stock-based compensation |
4,000 |
|
5,007 |
|
750 |
|
9,757 |
|
2,393 |
|
1,048 |
|
7,007 |
|
20,205 |
|
Triple-net operating lease rent expense |
— |
|
— |
|
— |
|
— |
|
— |
|
35,322 |
|
— |
|
35,322 |
|
Adjusted Property EBITDAR |
$ 165,762 |
|
$ 89,514 |
|
$ — |
|
$ 255,276 |
|
$ 158,818 |
|
$ 50,136 |
|
$ — |
|
$ 464,230 |
|
|
Three Months Ended September 30, 2025 |
||||||||||||||
|
|
Wynn Palace |
|
Wynn |
|
Other |
|
Total Operations |
|
Operations |
|
Encore Harbor |
|
Corporate and Other |
|
Total |
|
Operating income (loss) |
$ 112,418 |
|
$ 75,195 |
|
$ (9,653) |
|
$ 177,960 |
|
$ 96,813 |
|
$ (2,888) |
|
$ 38,604 |
|
$ 310,489 |
|
Pre-opening expenses |
1 |
|
— |
|
— |
|
1 |
|
210 |
|
— |
|
7,078 |
|
7,289 |
|
Depreciation and amortization |
60,012 |
|
18,157 |
|
399 |
|
78,568 |
|
57,449 |
|
14,194 |
|
2,617 |
|
152,828 |
|
Property charges and other |
4,423 |
|
190 |
|
12 |
|
4,625 |
|
1,262 |
|
128 |
|
139 |
|
6,154 |
|
Management and license fees |
20,206 |
|
11,318 |
|
— |
|
31,524 |
|
29,390 |
|
10,325 |
|
(71,239) |
|
— |
|
Corporate expenses and other |
1,893 |
|
1,912 |
|
8,314 |
|
12,119 |
|
6,784 |
|
1,333 |
|
15,485 |
|
35,721 |
|
Stock-based compensation |
1,329 |
|
1,226 |
|
928 |
|
3,483 |
|
11,505 |
|
360 |
|
7,316 |
|
22,664 |
|
Triple-net operating lease rent expense |
— |
|
— |
|
— |
|
— |
|
— |
|
34,942 |
|
— |
|
34,942 |
|
Adjusted Property EBITDAR |
$ 200,282 |
|
$ 107,998 |
|
$ — |
|
$ 308,280 |
|
$ 203,413 |
|
$ 58,394 |
|
$ — |
|
$ 570,087 |
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)
|
|||||||||||||||
|
|
Nine Months Ended September 30, 2026 |
||||||||||||||
|
|
Wynn Palace |
|
Wynn |
|
Other |
|
Total Operations |
|
Operations |
|
Encore Harbor |
|
Corporate and Other |
|
Total |
|
Operating income (loss) |
$ 293,891 |
|
$ 149,277 |
|
$ (26,782) |
|
$ 416,386 |
|
$ 260,690 |
|
$ (34,331) |
|
$ 115,669 |
|
$ 758,414 |
|
Pre-opening expenses |
1,037 |
|
146 |
|
— |
|
1,183 |
|
5,928 |
|
— |
|
16,510 |
|
23,621 |
|
Depreciation and amortization |
181,156 |
|
62,361 |
|
1,190 |
|
244,707 |
|
192,481 |
|
44,190 |
|
11,352 |
|
492,730 |
|
Property charges and other |
21,084 |
|
3,030 |
|
201 |
|
24,315 |
|
14,750 |
|
3,600 |
|
657 |
|
43,322 |
|
Management and license fees |
60,408 |
|
31,008 |
|
— |
|
91,416 |
|
88,379 |
|
29,601 |
|
(209,396) |
|
— |
|
Corporate expenses and other |
7,036 |
|
7,062 |
|
23,096 |
|
37,194 |
|
24,563 |
|
5,698 |
|
40,588 |
|
108,043 |
|
Stock-based compensation |
6,460 |
|
7,757 |
|
2,295 |
|
16,512 |
|
19,713 |
|
2,000 |
|
24,620 |
|
62,845 |
|
Triple-net operating lease rent expense |
— |
|
— |
|
— |
|
— |
|
— |
|
105,981 |
|
— |
|
105,981 |
|
Adjusted Property EBITDAR |
$ 571,072 |
|
$ 260,641 |
|
$ — |
|
$ 831,713 |
|
$ 606,504 |
|
$ 156,739 |
|
$ — |
|
|
|
|
Nine Months Ended September 30, 2025 |
||||||||||||||
|
|
Wynn Palace |
|
Wynn Macau |
|
Other |
|
Total Operations |
|
Operations |
|
Encore Harbor |
|
Corporate and Other |
|
Total |
|
Operating income (loss) |
$ 267,743 |
|
$ 190,925 |
|
$ (25,276) |
|
$ 433,392 |
|
$ 323,349 |
|
$ (12,576) |
|
$ 99,513 |
|
$ 843,678 |
|
Pre-opening expenses |
4,205 |
|
— |
|
— |
|
4,205 |
|
3,065 |
|
— |
|
16,592 |
|
23,862 |
|
Depreciation and amortization |
175,793 |
|
55,661 |
|
1,195 |
|
232,649 |
|
178,898 |
|
42,389 |
|
7,220 |
|
461,156 |
|
Property charges and other |
6,246 |
|
5,629 |
|
28 |
|
11,903 |
|
10,327 |
|
6,691 |
|
2,710 |
|
31,631 |
|
Management and license fees |
55,311 |
|
32,339 |
|
— |
|
87,650 |
|
88,838 |
|
30,915 |
|
(207,403) |
|
— |
|
Corporate expenses and other |
6,144 |
|
6,306 |
|
21,201 |
|
33,651 |
|
22,272 |
|
4,606 |
|
58,219 |
|
118,748 |
|
Stock-based compensation |
3,931 |
|
3,847 |
|
2,852 |
|
10,630 |
|
34,837 |
|
2,285 |
|
23,149 |
|
70,901 |
|
Triple-net operating lease rent expense |
— |
|
— |
|
— |
|
— |
|
— |
|
105,397 |
|
— |
|
105,397 |
|
Adjusted Property EBITDAR |
$ 519,373 |
|
$ 294,707 |
|
$ — |
|
$ 814,080 |
|
$ 661,586 |
|
$ 179,707 |
|
$ — |
|
|
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO ADJUSTED PROPERTY EBITDAR (in thousands) (unaudited)
|
|||||||
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||
|
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
Net income attributable to Wynn Resorts, Limited |
$ 17,321 |
|
$ 88,341 |
|
$ 277,837 |
|
$ 227,306 |
|
Net income attributable to noncontrolling interests |
19,442 |
|
40,086 |
|
92,036 |
|
59,487 |
|
Pre-opening expenses |
2,644 |
|
7,289 |
|
23,621 |
|
23,862 |
|
Depreciation and amortization |
166,782 |
|
152,828 |
|
492,730 |
|
461,156 |
|
Property charges and other |
22,031 |
|
6,154 |
|
43,322 |
|
31,631 |
|
Triple-net operating lease rent expense |
35,322 |
|
34,942 |
|
105,981 |
|
105,397 |
|
Corporate expenses and other |
39,024 |
|
35,721 |
|
108,043 |
|
118,748 |
|
Stock-based compensation |
20,205 |
|
22,664 |
|
62,845 |
|
70,901 |
|
Interest income |
(12,645) |
|
(16,581) |
|
(38,511) |
|
(51,799) |
|
Interest expense, net of amounts capitalized |
151,735 |
|
157,581 |
|
456,274 |
|
469,740 |
|
Change in derivatives fair value |
(10,498) |
|
13,176 |
|
(100,555) |
|
43,827 |
|
Loss on debt financing transactions |
5,389 |
|
618 |
|
5,389 |
|
1,701 |
|
Other |
1,901 |
|
(33,868) |
|
34,081 |
|
10,670 |
|
Provision for income taxes |
5,577 |
|
61,136 |
|
31,863 |
|
82,746 |
|
Adjusted Property EBITDAR |
$ 464,230 |
|
$ 570,087 |
|
|
|
|
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited)
|
|||||||||||
|
|
Three Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
|
||||
|
|
2026 |
|
2025 |
|
Percent Change |
|
2026 |
|
2025 |
|
Percent Change |
|
Wynn Palace Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ 495,808 |
|
$ 542,439 |
|
(8.6) |
|
|
|
$ 1,435,245 |
|
13.2 |
|
Rooms |
36,048 |
|
37,396 |
|
(3.6) |
|
109,870 |
|
112,492 |
|
(2.3) |
|
Food and beverage |
31,375 |
|
33,293 |
|
(5.8) |
|
96,195 |
|
95,477 |
|
0.8 |
|
Entertainment, retail and other |
20,540 |
|
22,344 |
|
(8.1) |
|
65,362 |
|
67,828 |
|
(3.6) |
|
Total |
$ 583,771 |
|
$ 635,472 |
|
(8.1) |
|
|
|
$ 1,711,042 |
|
10.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDAR (6) |
$ 165,762 |
|
$ 200,282 |
|
(17.2) |
|
$ 571,072 |
|
$ 519,373 |
|
10.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
VIP: |
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
48 |
|
52 |
|
(7.7) |
|
48 |
|
53 |
|
(9.4) |
|
VIP turnover |
|
|
|
|
(14.3) |
|
|
|
$ 11,337,407 |
|
(12.9) |
|
VIP table games win (1) |
$ 106,876 |
|
$ 152,478 |
|
(29.9) |
|
$ 323,431 |
|
$ 373,481 |
|
(13.4) |
|
VIP table games win as a % of turnover |
3.82 % |
|
4.68 % |
|
|
|
3.27 % |
|
3.29 % |
|
|
|
Table games win per unit per day |
$ 24,323 |
|
$ 32,401 |
|
(24.9) |
|
$ 24,500 |
|
$ 25,888 |
|
(5.4) |
|
Mass market: |
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
286 |
|
247 |
|
15.8 |
|
283 |
|
248 |
|
14.1 |
|
Table drop (2) |
|
|
|
|
(12.9) |
|
|
|
$ 5,606,241 |
|
1.0 |
|
Table games win (1) |
$ 462,711 |
|
$ 465,683 |
|
(0.6) |
|
|
|
$ 1,299,679 |
|
19.2 |
|
Table games win % |
25.8 % |
|
22.6 % |
|
|
|
27.4 % |
|
23.2 % |
|
|
|
Table games win per unit per day |
$ 17,587 |
|
$ 20,714 |
|
(15.1) |
|
$ 20,094 |
|
$ 19,282 |
|
4.2 |
|
Average number of slot machines |
711 |
|
653 |
|
8.9 |
|
719 |
|
643 |
|
11.8 |
|
Slot machine handle |
$ 711,487 |
|
$ 710,156 |
|
0.2 |
|
|
|
$ 2,202,840 |
|
15.0 |
|
Slot machine win (3) |
$ 29,897 |
|
$ 30,482 |
|
(1.9) |
|
$ 106,049 |
|
$ 92,320 |
|
14.9 |
|
Slot machine win per unit per day |
$ 457 |
|
$ 513 |
|
(10.9) |
|
$ 540 |
|
$ 528 |
|
2.3 |
|
Room statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
99.0 % |
|
98.2 % |
|
|
|
99.0 % |
|
98.4 % |
|
|
|
ADR (4) |
$ 213 |
|
$ 221 |
|
(3.6) |
|
$ 220 |
|
$ 225 |
|
(2.2) |
|
REVPAR (5) |
$ 211 |
|
$ 217 |
|
(2.8) |
|
$ 218 |
|
$ 222 |
|
(1.8) |
|
Note: Our casino operations in |
|||||||||||
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued)
|
|||||||||||
|
|
Three Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
|
||||
|
|
2026 |
|
2025 |
|
Percent Change |
|
2026 |
|
2025 |
|
Percent Change |
|
Wynn Macau Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ 286,086 |
|
$ 314,489 |
|
(9.0) |
|
$ 863,544 |
|
$ 883,419 |
|
(2.2) |
|
Rooms |
20,628 |
|
21,149 |
|
(2.5) |
|
62,855 |
|
66,188 |
|
(5.0) |
|
Food and beverage |
16,748 |
|
17,343 |
|
(3.4) |
|
52,779 |
|
53,155 |
|
(0.7) |
|
Entertainment, retail and other |
11,966 |
|
12,532 |
|
(4.5) |
|
37,188 |
|
36,524 |
|
1.8 |
|
Total |
$ 335,428 |
|
$ 365,513 |
|
(8.2) |
|
|
|
|
|
(2.2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDAR (6) |
$ 89,514 |
|
$ 107,998 |
|
(17.1) |
|
$ 260,641 |
|
$ 294,707 |
|
(11.6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
VIP: |
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
11 |
|
17 |
|
(35.3) |
|
11 |
|
23 |
|
(52.2) |
|
VIP turnover |
$ 470,355 |
|
|
|
(53.9) |
|
|
|
|
|
(56.8) |
|
VIP table games win (1) |
$ 22,940 |
|
$ 29,873 |
|
(23.2) |
|
$ 36,261 |
|
$ 79,025 |
|
(54.1) |
|
VIP table games win as a % of turnover |
4.88 % |
|
2.93 % |
|
|
|
2.44 % |
|
2.30 % |
|
|
|
Table games win per unit per day |
$ 23,504 |
|
$ 18,871 |
|
24.6 |
|
$ 11,991 |
|
$ 12,862 |
|
(6.8) |
|
Mass market: |
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
214 |
|
238 |
|
(10.1) |
|
215 |
|
230 |
|
(6.5) |
|
Table drop (2) |
|
|
|
|
(0.5) |
|
|
|
|
|
10.1 |
|
Table games win (1) |
$ 277,960 |
|
$ 305,761 |
|
(9.1) |
|
$ 866,285 |
|
$ 875,146 |
|
(1.0) |
|
Table games win % |
17.1 % |
|
18.7 % |
|
|
|
16.4 % |
|
18.3 % |
|
|
|
Table games win per unit per day |
$ 14,151 |
|
$ 14,139 |
|
0.1 |
|
$ 14,733 |
|
$ 13,993 |
|
5.3 |
|
Average number of slot machines |
936 |
|
809 |
|
15.7 |
|
923 |
|
763 |
|
21.0 |
|
Slot machine handle |
$ 876,965 |
|
$ 855,707 |
|
2.5 |
|
|
|
|
|
21.7 |
|
Slot machine win (3) |
$ 29,085 |
|
$ 25,588 |
|
13.7 |
|
$ 100,222 |
|
$ 75,148 |
|
33.4 |
|
Slot machine win per unit per day |
$ 338 |
|
$ 347 |
|
(2.6) |
|
$ 398 |
|
$ 362 |
|
9.9 |
|
Room statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
99.1 % |
|
98.8 % |
|
|
|
99.4 % |
|
99.1 % |
|
|
|
ADR (4) |
$ 204 |
|
$ 207 |
|
(1.4) |
|
$ 212 |
|
$ 219 |
|
(3.2) |
|
REVPAR (5) |
$ 202 |
|
$ 205 |
|
(1.5) |
|
$ 210 |
|
$ 217 |
|
(3.2) |
|
Note: Our casino operations in |
|||||||||||
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued)
|
|||||||||||
|
|
Three Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
|
||||
|
|
2026 |
|
2025 |
|
Percent Change |
|
2026 |
|
2025 |
|
Percent Change |
|
Las Vegas Operations Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ 123,379 |
|
$ 161,576 |
|
(23.6) |
|
$ 459,674 |
|
$ 471,071 |
|
(2.4) |
|
Rooms |
181,827 |
|
186,712 |
|
(2.6) |
|
602,520 |
|
590,561 |
|
2.0 |
|
Food and beverage |
193,976 |
|
192,544 |
|
0.7 |
|
578,392 |
|
566,847 |
|
2.0 |
|
Entertainment, retail and other |
75,972 |
|
80,180 |
|
(5.2) |
|
239,645 |
|
256,451 |
|
(6.6) |
|
Total |
$ 575,154 |
|
$ 621,012 |
|
(7.4) |
|
|
|
|
|
(0.2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDAR (6) |
$ 158,818 |
|
$ 203,413 |
|
(21.9) |
|
$ 606,504 |
|
$ 661,586 |
|
(8.3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
246 |
|
233 |
|
5.6 |
|
243 |
|
234 |
|
3.8 |
|
Table drop (2) |
$ 592,931 |
|
$ 652,293 |
|
(9.1) |
|
|
|
|
|
3.4 |
|
Table games win (1) |
$ 112,132 |
|
$ 150,073 |
|
(25.3) |
|
$ 437,197 |
|
$ 427,109 |
|
2.4 |
|
Table games win % |
18.9 % |
|
23.0 % |
|
|
|
22.8 % |
|
23.0 % |
|
|
|
Table games win per unit per day |
$ 4,959 |
|
$ 6,994 |
|
(29.1) |
|
$ 6,586 |
|
$ 6,691 |
|
(1.6) |
|
Average number of slot machines |
1,554 |
|
1,573 |
|
(1.2) |
|
1,562 |
|
1,575 |
|
(0.8) |
|
Slot machine handle |
|
|
|
|
(2.2) |
|
|
|
|
|
0.9 |
|
Slot machine win (3) |
$ 119,090 |
|
$ 123,500 |
|
(3.6) |
|
$ 356,433 |
|
$ 370,350 |
|
(3.8) |
|
Slot machine win per unit per day |
$ 833 |
|
$ 854 |
|
(2.5) |
|
$ 836 |
|
$ 861 |
|
(2.9) |
|
Poker rake |
$ 4,720 |
|
$ 5,148 |
|
(8.3) |
|
$ 16,231 |
|
$ 17,583 |
|
(7.7) |
|
Room statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
85.5 % |
|
85.7 % |
|
|
|
86.0 % |
|
87.4 % |
|
|
|
ADR (4) |
$ 522 |
|
$ 505 |
|
3.4 |
|
$ 564 |
|
$ 527 |
|
7.0 |
|
REVPAR (5) |
$ 447 |
|
$ 433 |
|
3.2 |
|
$ 485 |
|
$ 461 |
|
5.2 |
|
WYNN RESORTS, LIMITED AND SUBSIDIARIES SUPPLEMENTAL DATA SCHEDULE (dollars in thousands, except for win per unit per day, ADR and REVPAR) (unaudited) (continued)
|
|||||||||||
|
|
Three Months Ended September 30, |
|
|
|
Nine Months Ended September 30, |
|
|
||||
|
|
2026 |
|
2025 |
|
Percent Change |
|
2026 |
|
2025 |
|
Percent Change |
|
Encore Boston Harbor Supplemental Information |
|
|
|
|
|
|
|
|
|
|
|
|
Operating revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Casino |
$ 145,198 |
|
$ 156,213 |
|
(7.1) |
|
$ 454,693 |
|
$ 477,246 |
|
(4.7) |
|
Rooms |
22,996 |
|
25,227 |
|
(8.8) |
|
66,938 |
|
66,817 |
|
0.2 |
|
Food and beverage |
15,558 |
|
18,810 |
|
(17.3) |
|
53,654 |
|
57,447 |
|
(6.6) |
|
Entertainment, retail and other |
10,948 |
|
11,500 |
|
(4.8) |
|
34,358 |
|
35,173 |
|
(2.3) |
|
Total |
$ 194,700 |
|
$ 211,750 |
|
(8.1) |
|
$ 609,643 |
|
$ 636,683 |
|
(4.2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Property EBITDAR (6) |
$ 50,136 |
|
$ 58,394 |
|
(14.1) |
|
$ 156,739 |
|
$ 179,707 |
|
(12.8) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Casino statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
Average number of table games |
165 |
|
172 |
|
(4.1) |
|
170 |
|
172 |
|
(1.2) |
|
Table drop (2) |
$ 317,038 |
|
$ 323,981 |
|
(2.1) |
|
$ 989,695 |
|
|
|
(1.3) |
|
Table games win (1) |
$ 59,844 |
|
$ 66,257 |
|
(9.7) |
|
$ 188,180 |
|
$ 208,155 |
|
(9.6) |
|
Table games win % |
18.9 % |
|
20.5 % |
|
|
|
19.0 % |
|
20.8 % |
|
|
|
Table games win per unit per day |
$ 3,931 |
|
$ 4,187 |
|
(6.1) |
|
$ 4,060 |
|
$ 4,433 |
|
(8.4) |
|
Average number of slot machines |
2,628 |
|
2,727 |
|
(3.6) |
|
2,660 |
|
2,721 |
|
(2.2) |
|
Slot machine handle |
|
|
|
|
(7.2) |
|
|
|
|
|
(2.1) |
|
Slot machine win (3) |
$ 102,396 |
|
$ 110,797 |
|
(7.6) |
|
$ 322,420 |
|
$ 327,752 |
|
(1.6) |
|
Slot machine win per unit per day |
$ 423 |
|
$ 442 |
|
(4.3) |
|
$ 444 |
|
$ 441 |
|
0.7 |
|
Poker rake |
$ 5,045 |
|
$ 5,410 |
|
(6.7) |
|
$ 15,950 |
|
$ 16,482 |
|
(3.2) |
|
Room statistics: |
|
|
|
|
|
|
|
|
|
|
|
|
Occupancy |
91.9 % |
|
95.5 % |
|
|
|
90.1 % |
|
92.2 % |
|
|
|
ADR (4) |
$ 430 |
|
$ 431 |
|
(0.2) |
|
$ 414 |
|
$ 399 |
|
3.8 |
|
REVPAR (5) |
$ 395 |
|
$ 412 |
|
(4.1) |
|
$ 373 |
|
$ 368 |
|
1.4 |
|
(1) |
Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis. |
|
(2) |
In |
|
(3) |
Slot machine win is calculated as gross slot machine win minus progressive accruals and free play. |
|
(4) |
ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied. |
|
(5) |
REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available. |
|
(6) |
Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDAR and Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR. |
SOURCE:
Wynn Resorts, Limited
CONTACT:
Lauren Seiler
702-770-7555
investorrelations@wynnresorts.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/wynn-resorts-limited-reports-third-quarter-2026-results-302931200.html
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Wynn Resorts' third-quarter 2026 earnings?
Wynn reported attributable net income of $17.3 million, or $0.17 per diluted share, for the quarter ended September 30, 2026. A year earlier, attributable net income was $88.3 million, or $0.85 per diluted share.
When will Wynn Resorts pay its declared dividend?
The $0.25-per-share cash dividend is payable November 30, 2026, to stockholders of record as of November 16, 2026.
How much cash did Wynn Resorts hold at September 30, 2026?
Wynn held $1.64 billion in cash and cash equivalents, excluding $150.2 million of short-term investments held by Wynn Macau. Cash included $1.15 billion at Wynn Macau and subsidiaries, $371.5 million at Wynn Resorts Finance and subsidiaries excluding Wynn Macau, and $120.3 million at Corporate and other.