Wynn Resorts lifts UAE investment to $1.12 billion as quarterly profit falls 80%
Wynn Resorts reported an 80% fall in third-quarter net income, as lower revenue and property earnings across its main markets outweighed continued high hotel occupancy in Macau. Meanwhile, the company continues to invest in its first resort in the United Arab Emirates, which is scheduled to open in September 2027.
Published on Thursday, the Las Vegas-based company’s revenue for the three months to 30 September declined 7.9% year on year to $1.69 billion, from $1.83 billion. Net income attributable to Wynn fell to $17.3 million from $88.3 million, while diluted earnings per share dropped to 17 cents from 85 cents.
Adjusted property EBITDAR, a company-defined measure of property-level operating performance, fell 18.6% to $464.2 million.
Wynn Al Marjan development
The group is developing Wynn Al Marjan Island in the UAE through a joint venture in which it holds a 40% stake. Wynn contributed $62.2 million to the project during the quarter, taking its cumulative cash contribution to $1.12 billion. Interior fit-out work, including in guest rooms, is under way ahead of the scheduled September 2027 opening.
The UAE development would be Wynn’s first resort in the country, extending its portfolio beyond Las Vegas, Macau and Boston.
Las Vegas
Las Vegas generated $575.2 million in revenue, down 7.4%, and adjusted property EBITDAR of $158.8 million, down 21.9%. The table-games win rate was 18.9% of wagers, below the company’s expected range of 22% to 26% and the 23% recorded a year earlier. Hotel occupancy edged down to 85.5%, while the average daily room rate rose 3.4% to $522.
A focus on Macau
Macau revenue fell at both properties. Wynn Palace recorded revenue of $583.8 million, down 8.1%, and adjusted property EBITDAR of $165.8m, down 17.2%. Wynn Macau revenue fell 8.2% to $335.4m, while its adjusted property EBITDAR declined 17.1% to $89.5 million. Occupancy at both resorts remained above 99%. Gaming results varied between the two Macau properties.
At Wynn Palace, VIP turnover fell 14.3% to $2.79bn, while the VIP table-games win rate was 3.82%, above the resort’s expected range of 3.1% to 3.4%.
At Wynn Macau, VIP turnover dropped 53.9% to $470.4m. Its VIP win rate was 4.88%, also above the expected range, while its mass-market table-games win rate fell to 17.1% from 18.7% a year earlier.
Strike response
Encore Boston Harbor reported revenue of $194.7 million, down 8.1%, and adjusted property EBITDAR of $50.1 million, a 14.1% decline. The quarter included a strike that began at the resort in early September. Billings said staff managed operations through the industrial action and kept the resort open to guests.
“We are committed to finding common ground that is fair, financially sustainable and protects jobs for the long term,” Wynn said at the time of the strike.
In response to the strike in the earnings, CEO Craig Billings emphasised that “the team did an excellent job managing through the strike that began in early September, ensuring that we could continue delighting guests at our resort”.
Nine-month results
For the first nine months of 2026, group revenue rose 2.5% to $5.40 billion. Net income attributable to Wynn increased to $277.8 million from $227.3 million, although adjusted property EBITDAR fell 3.6% to $1.59 billionn. Adjusted net income was $291.1 million, compared with $315.2 million in the corresponding period of 2025.
Billings said demand remained healthy at Wynn’s Las Vegas and Macau resorts, despite slower market conditions. He said the Las Vegas result had been affected by a table-games win rate below the company’s expected range.
“Our third quarter results demonstrated strong operational discipline from the teams in each of our regions. Wynn Las Vegas and our Macau properties both saw healthy demand amid slower market conditions. Wynn Las Vegas was also negatively impacted by a hold rate outside of our expected range.”
Balance sheet
At the end of September, Wynn had $1.64 billion in cash and cash equivalents, excluding $150.2 million of short-term investments held by its Macau subsidiary. Total debt stood at $10.73bn. In September, the company issued $900 million of notes bearing interest at 6.875% and due in 2035. It used the proceeds, together with cash, to repay $900 million of 5.25% notes due in 2027.
The company has identified economic conditions, tourism trends, regulation, construction risks and debt obligations among the factors that could affect its results.