Wynn Resorts has announced a notable increase in both revenue and profits for the first quarter, driven by strong performances at Wynn Palace and its Las Vegas venues. The company is also actively investing in its Wynn Al Marjan Island project located in the United Arab Emirates.
In the first quarter, Wynn's net income surged to $120.5 million, a significant rise from $72.7 million during the same period last year. The diluted earnings per share climbed to $1.04 from $0.69. Adjusted net income attributable to the company reached $129.7 million, equating to $1.25 per diluted share, compared to $113.1 million or $1.07 per diluted share in Q1 2025.
Operating revenue saw an increase of $156.4 million, totaling $1.86 billion, up from $1.70 billion a year prior. The adjusted Property EBITDAR also rose, reaching $562.4 million compared to $532.9 million.
Craig Billings, CEO of Wynn, commented that the results reflect the robust performance of Wynn's operations across all markets, with Las Vegas continuing to show growth in EBITDAR and gaining market share in gaming.
In Macau, gaming volumes experienced a significant year-over-year increase, alongside a healthy market share. Billings noted the company's satisfaction in raising the dividend from Wynn Macau, backed by the strong free cash flow generated.
Construction on Wynn Al Marjan Island is progressing, with the company closely monitoring the Gulf region's situation and implementing additional safety measures for its on-site team.
In the first quarter, Wynn contributed $100.1 million in cash to the joint venture developing Wynn Al Marjan Island, bringing the total cash contributions to $1.01 billion. The project is anticipated to open in 2027, although a “modest delay” is expected due to regional conflicts.
Billings stated that construction is ongoing with over 22,000 workers on site. Despite facing logistical challenges, the project team has shown remarkable resilience, ensuring that deliveries continue and alternative materials are sourced as needed.
Wynn Palace reported operating revenue of $659.3 million, an increase of $123.4 million from $535.9 million in Q1 2025. Adjusted Property EBITDAR rose to $203.8 million from $161.9 million. The win percentage for mass market table games was 26.6%, up from 24.8% year-over-year, while VIP table games' win percentage was 3.11%, within the expected range of 3.1% to 3.4%.
Las Vegas operations generated $661.9 million in operating revenue, marking an increase of $36.6 million from $625.3 million. Adjusted Property EBITDAR increased to $232.5 million from $223.4 million. The win percentage for table games was 25.2%, aligning with the expected range of 22% to 26%.
At Wynn Macau, operating revenue remained stable at $329.9 million, comparable to $330.0 million last year. However, adjusted Property EBITDAR decreased to $75.6 million from $90.2 million. The win percentage for mass market table games fell to 15.1% from 18.7%, while VIP table games' win percentage was 0.39%, below the expected range of 3.1% to 3.4%.
Encore Boston Harbor reported operating revenue of $205.7 million, down $3.6 million from $209.2 million a year earlier. Adjusted Property EBITDAR also decreased to $50.5 million from $57.5 million. The win percentage for table games was 20.2%, within the expected range of 18% to 22%.
As of March 31, Wynn Resorts reported cash and cash equivalents of $1.19 billion, excluding $607.6 million in short-term investments held by Wynn Macau, Limited. The total current and long-term debt stood at $10.52 billion, which includes $5.76 billion related to Macau, $877.2 million for Wynn Las Vegas, $3.28 billion for Wynn Resorts Finance, and $598.6 million for the retail joint venture consolidated by the company.
During the quarter, Wynn Resorts repurchased 528,667 shares at an average price of $101.72 each.