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Wynn Resorts ended the first quarter with higher revenue, stronger profit, and more cash returns to shareholders, while its UAE casino resort project continued to absorb major investment.
Good to Know
Wynn Resorts had a stronger first quarter, helped mainly by Wynn Palace in Macau and its Las Vegas operations. Operating revenue increased by $156.4 million year over year, reaching $1.86 billion. Adjusted Property EBITDAR also improved, rising to $562.4 million from $532.9 million.
Profit climbed faster. Net income attributable to Wynn reached $120.5 million, up from $72.7 million a year earlier. Diluted net income per share rose to $1.04 from $0.69. On an adjusted basis, Wynn Resorts posted net income of $129.7 million, or $1.25 per diluted share, compared with $113.1 million, or $1.07 per diluted share, in Q1 2025.
Las Vegas remained a steady part of the Wynn Resorts earnings story. Revenue from Las Vegas operations reached $661.9 million, up from $625.3 million. Adjusted Property EBITDAR increased to $232.5 million from $223.4 million, while the win percentage for table games came in at 25.2%, within the expected 22% to 26% range.
Wynn Palace delivered the clearest jump. Revenue rose to $659.3 million from $535.9 million, while Adjusted Property EBITDAR increased to $203.8 million from $161.9 million. Mass market table games recorded a 26.6% win percentage, above 24.8% last year. VIP table games win as a percentage of turnover reached 3.11%, inside the expected 3.1% to 3.4% range.
Wynn Macau had a tougher quarter by comparison. Revenue held nearly flat at $329.9 million, compared with $330.0 million last year, but Adjusted Property EBITDAR fell to $75.6 million from $90.2 million. Mass market table games win percentage declined to 15.1% from 18.7%. VIP table games win as a percentage of turnover came in at 0.39%, far below the expected 3.1% to 3.4% range.
Encore Boston Harbor also posted lower results. Revenue slipped to $205.7 million from $209.2 million. Adjusted Property EBITDAR dropped to $50.5 million from $57.5 million. The win percentage for table games was 20.2%, within the expected 18% to 22% range.
Wynn Al Marjan Island stayed high on the spending list. Wynn Resorts contributed $100.1 million in cash during the quarter to the 40% owned joint venture behind the UAE casino resort. Life to date cash contributions now stand at $1.01 billion.
The $5 billion Wynn Al Marjan Island project had previously targeted spring 2027, but the company now expects a modest delay because of conflict in the region. Still, construction has not stopped.
Craig Billings, CEO of Wynn, said:
“Construction has continued to progress, with over 22,000 workers on site. The project team has been incredibly resilient. While we have faced logistical and shipping challenges, the deliveries have continued, and we are re-routing shipments and sourcing alternative materials where needed.”
Wynn Resorts also returned capital during the quarter. The company bought back 528,667 shares at an average price of $101.72, spending $53.8 million in total. As of March 31, Wynn still had $401.1 million available under its share repurchase program.
The Board of Directors also declared a $0.25 per share cash dividend. The dividend will be paid on May 29, 2026, to stockholders of record as of May 18, 2026.
At the end of March, Wynn Resorts held $1.19 billion in cash and cash equivalents. That figure excludes $607.6 million in short term investments held by Wynn Macau, Limited. Total current and long term debt stood at $10.52 billion, including $5.76 billion tied to Macau, $877.2 million tied to Wynn Las Vegas, $3.28 billion under Wynn Resorts Finance, and $598.6 million held by the consolidated retail joint venture.