Wynn Resorts posts $17.3m Q3 profit as Las Vegas hold and Macau slow

Wynn Resorts reported third-quarter 2026 profit of $17.3m, a sharp decline driven by poor table hold in Las Vegas and softer trading in Macau, according to the company's results.

Adjusted property EBITDAR fell to $464.2m from $570.1m a year earlier. That marks a reversal from the second quarter, when operating revenues climbed to $1.86bn, an increase of $119.1m, alongside adjusted property EBITDAR of $568.3m.

Table luck worked against the company in Las Vegas, where the win rate a year earlier stood at 23.0%. Unfavourable hold cost Wynn just under $24m in the quarter, and the division's adjusted property EBITDAR dropped to $158.8m from $203.4m a year earlier.

Revenue losses were spread across the group's properties compared with the same quarter in 2025. Wynn Palace lost $51.7m of operating revenue, while Las Vegas Operations, Wynn Macau and Encore Boston Harbor declined by $45.8m, $30.1m and $17.1m respectively.

Macau weighed heavily on the overall result. Operating income at Wynn Macau Ltd, the group's Macau subsidiary, dropped to just under $108.3m, a 39.2% year-on-year decline. Trading across the wider market kept weakening after the quarter closed: Macau casino gross gaming revenue fell 10.0% year on year to MOP21.68bn ($2.68bn) in October 2026.

Chief executive Craig Billings pointed to healthy demand at Wynn Las Vegas and the Macau properties even as market conditions slowed, and noted that Encore Boston Harbor kept running despite industrial action that began in early September. Contract negotiations broke down before 4 September 2026, when more than 1,300 of the property's staff left their posts.

CasinoBeats noted that the pressure is not unique to Wynn. At MGM Resorts, Strip weakness stemmed mainly from lower average daily rates reducing room revenue, and taken together, the figures reported by the three operators point to a broader softening of Strip demand. Wynn's shortfall, however, was driven chiefly by table hold rather than room pricing.

Despite the weaker quarter, Wynn continued returning cash to shareholders, buying back 627,475 shares at an average price of $92.61 for a total of $58.1m. It had $268.0m of buyback authority remaining as of 30 September 2026.

Construction also got underway in the quarter on a new all-suite hotel tower at Wynn Palace, The Enclave, which will offer 432 keys and sit near the property's eastern entrance.

Wynn has now invested $1.12bn in Wynn Al Marjan Island, the UAE's first licensed casino resort. In August, the company had put its remaining equity commitment to that project and the neighbouring Janu development at between $525m and $650m, as reported by AGBrief. The current, lower figure in that range is consistent with further contributions already made.

Debt is funding much of the build alongside equity, with $1.76bn drawn so far on the Al Marjan construction loan. A $600m budget increase announced in the second quarter adds roughly $240m to Wynn's own share, based on its 40% stake in the project.

The resort is being closely watched by European suppliers and operators eyeing the Gulf as an emerging casino market. Slower trading in Las Vegas and Macau has not altered the schedule, and Wynn Al Marjan Island remains on track to open in September 2027.