Wynn Resorts has announced an increase in revenue and profit for the second quarter, driven by robust performance at Wynn Palace. The company also confirmed that its Wynn Al Marjan Island resort in the UAE is set to open in September 2027, following construction delays and a $600 million rise in estimated costs.
For the quarter ending June 30, 2026, operating revenue reached $1.86 billion, marking a $119.1 million increase from $1.74 billion the previous year. Net income attributable to Wynn Resorts surged to $140.1 million, up from $66.2 million, while diluted earnings per share rose to $1.32 from $0.64.
Adjusted net income stood at $127.5 million, or $1.24 per diluted share, compared to $113.3 million, or $1.09 per share, in the second quarter of 2025. Adjusted Property EBITDAR also saw an increase of $15.9 million, totaling $568.3 million.
CEO Craig Billings highlighted strong demand in Macau and a record month for Adjusted Property EBITDAR in Las Vegas during May as key factors in the quarter's success.
A significant portion of revenue growth came from Wynn Palace, which reported an increase of $113.8 million, bringing its total to $653.4 million. Adjusted Property EBITDAR rose to $201.5 million from $157.2 million, with mass-market table games win climbing to 29.7% from 22.3%. Although VIP table games win was 2.97%, it fell short of the expected range of 3.1% to 3.4%, yet was higher than the 2.86% from the previous year.
Wynn Macau generated $351.1 million in revenue, up $7.3 million, but Adjusted Property EBITDAR slightly decreased to $95.5 million from $96.5 million. The mass-market table games win percentage dipped to 17.1% from 17.4%, while VIP win stood at 2.58%, below expectations and the previous year's 3.41%.
Billings noted that Macau produced $306 million in normalized VIP adjusted earnings, with unfavorable VIP hold affecting results by nearly $9 million.
“Our second quarter results reflect strong demand dynamics across our business, including a monthly record for Adjusted Property EBITDAR in Las Vegas in May. I am incredibly proud of our teams in both regions,” Billings stated.
In Macau, mass-market drop increased by 5%, although third-quarter rolling volumes and mass drop were slightly lower year-over-year due to World Cup-related disruptions and normal seasonal trends. However, trading improved in late July and early August.
Las Vegas saw a revenue increase of $4.6 million, totaling $643.2 million, but Adjusted Property EBITDAR fell to $215.2 million from $234.8 million. Table games win was recorded at 23.9%, which is within the expected range of 22% to 26% and above last year’s 21.8%.
Billings mentioned that casino revenue increased by 5%, supported by higher drop and handle, while revenue per available room rose by 3% and retail lease revenue increased by 8%. July was impacted by unusually low hold, but demand remained strong with bookings for Formula 1, conventions, and leisure travel ahead of or strengthening compared to last year.
Encore Boston Harbor reported revenue of $209.3 million, down $6.4 million, while Adjusted Property EBITDAR decreased to $56.1 million from $63.9 million. Table games win was 18.1%, within its expected range but below the 21.3% recorded in 2025. Despite this, the property achieved record figures for hotel revenue and revenue per room, with slot revenue also increasing by 1%.
The company has revised the timeline and budget for the Wynn Al Marjan Island project. The $5 billion-plus resort was initially expected to open in spring 2027. Billings explained that regional conflicts disrupted supply chains, insurance markets, shipping, staffing, and consultant movements, necessitating the rerouting or alternative sourcing of some equipment and materials.
“These disruptions have impacted the timing and cost of the project,” Billings said.
Wynn now anticipates the resort will open in September 2027, with half of the $600 million budget increase attributed to rising material and shipping costs, along with additional interest and pre-opening expenses.