Wynn Resorts Revenue Falls to $1.69 Billion as Quarterly Profit Declines
Key Facts
Wynn Resorts reported operating revenue of $1.69 billion for the third quarter ended September 30, 2026, on November 5, down $144.7 million from the same period last year, according to a company statement. Net income attributable to the company fell to $17.3 million from $88.3 million, while diluted earnings per share declined to $0.17 from $0.85. On an adjusted basis, net income was $33.9 million, or $0.33 per diluted share, compared with $88.7 million and $0.86 per share a year earlier. The company said lower casino revenue was the main factor behind the decline in revenue. Results showed adjusted property operating profit fell to $464.2 million from $570.1 million a year earlier.
In its filing, the company attributed the $124.2 million decline in casino revenue largely to lower gaming volumes across all its properties. In Las Vegas, table games revenue recorded a win rate of 18.9%, below the property's expected range of 22% to 26%. Chief Executive Craig Billings said the rate adversely affected results, noting that Las Vegas and Macau properties saw “healthy demand amid slower market conditions.” Las Vegas operations revenue fell to $575.2 million, while adjusted property operating profit declined by $44.6 million year over year. Wynn Palace recorded revenue of $583.8 million, and its adjusted operating profit fell by $34.5 million from the corresponding quarter.
Wynn Macau generated revenue of about $335.4 million during the quarter, while Encore Boston Harbor recorded revenue of $194.7 million; revenue declined at all four properties compared with the prior year. Billings said the Boston team dealt with a strike that began in early September. By contrast, he pointed to continued healthy demand in Las Vegas and Macau despite slower market conditions. Comparing the two quarters puts the results in a broader context: the company recorded revenue of $1.86 billion in the second quarter, up $119.1 million year over year, and net income attributable to the company of $140.1 million. Billings also said when the second-quarter results were announced that Las Vegas posted a record monthly figure for adjusted property operating profit in May, alongside strong performance in Macau.
The announcement affected after-hours trading on Thursday, with Wynn Resorts shares falling 2.7% after the results were released, according to Investing.com. The stock had closed at $82.38 on November 4, then ended the November 5 session at $79.32, according to EL7 data. Investing.com reported that adjusted earnings per share of $0.33 fell short of its estimate of $0.72, while revenue also came in below its estimate of $1.78 billion. The company also repurchased 627,475 shares during the quarter at an average price of $92.61 per share, for a total cost of $58.1 million. Cash and cash equivalents stood at $1.64 billion, against current and long-term debt of $10.73 billion as of September 30.
In the UAE, Wynn contributed $62.2 million during the quarter to the joint venture in which it holds a 40% stake to develop Wynn Al Marjan Island in Ras Al Khaimah. Its cumulative cash contributions to the project reached $1.12 billion as of September 30, while the company expects to open the resort in September 2027. On shareholder returns, the company announced on November 5 a cash dividend of $0.25 per share, payable on November 30 to shareholders of record on November 16, 2026. The company said it will make Wynn Resorts Finance's financial information for the quarter ended September 30 available no later than November 16. These announced dates come as the company continues to finance the Ras Al Khaimah project and distribute a cash return to shareholders.