Wynn Resorts Q2 Earnings Rise on Macau Strength

Wynn Resorts, Limited (NASDAQ: WYNN) reported second-quarter 2026 earnings on Aug. 4, showing strong demand across Macau and Las Vegas. The company raised the budget for its Wynn Al Marjan Island project and extended the expected opening date.

Revenue and Profit Performance

For the quarter ended June 30, 2026, Wynn reported operating revenues of $1.86 billion and net income attributable to Wynn Resorts of $140.1 million. GAAP diluted earnings per share were $1.32. Adjusted net income was $127.5 million, with adjusted EPS of $1.24. Total adjusted property EBITDAR (earnings before interest, taxes, depreciation, amortization, and rent) reached $568.3 million, implying a consolidated EBITDAR margin of about 30.6%.

The revenue figure exceeded analyst consensus, which ranged from $1.83 billion to $1.84 billion, while adjusted EPS surpassed estimates between $0.98 and $1.16, representing an earnings surprise in the mid-20% range. Market expectations for the next quarter project EPS near $0.87 on revenues of about $1.82 billion, with full-year consensus at roughly $4.49 EPS on $7.46 billion in revenue.

Macau drove much of the growth. Wynn Palace on Cotai posted operating revenues of $653.4 million and adjusted property EBITDAR of $201.5 million. Wynn Macau on the peninsula generated $351.1 million in operating revenue and $95.5 million in adjusted property EBITDAR. Together, the Macau portfolio delivered about $1.0 billion in operating revenue and approximately $297 million in adjusted property EBITDA, a margin near 29.6%.

Las Vegas operations produced $643.2 million in operating revenues and $215.2 million in adjusted property EBITDA, representing a margin near 33.5% and a slight revenue increase year over year. Casino revenue rose about 5%, revenue per available room (RevPAR) increased roughly 3%, and retail lease revenue climbed about 8%. Unfavorable gaming hold reduced quarterly EBITDA by just over $3.6 million. Some coverage noted an 8.3% year-on-year decline in adjusted property EBITDAR at Las Vegas properties.

Encore Boston Harbor reported operating revenues of $209.3 million and adjusted property EBITDA of $56.1 million, a 26.8% margin, down from $215.7 million in revenue and $63.9 million in EBITDA a year earlier.

Capital Returns and Project Update

Wynn repurchased 741,098 common shares in the quarter at an average price of $101.20, totaling about $75 million, with roughly $326.1 million remaining under its buyback authorization. The board declared a cash dividend of $0.25 per share, payable Aug. 28, 2026, to shareholders of record on Aug. 14.

As of June 30, the company held $1.57 billion in cash and cash equivalents. Available borrowing capacity included about $1.03 billion under the WRF Revolver and $1.35 billion under the WM Cayman II Revolver.

Management increased the total budget for the Wynn Al Marjan Island integrated resort on Ras Al Khaimah's Al Marjan Island by roughly $600 million, citing supply-chain and shipping constraints. The expected public opening shifted to September 2027. The development, an integrated resort with hotel, gaming, and entertainment components built in partnership with local authorities, remains on track operationally and is a strategic growth initiative.

The quarter’s revenue and profit gains across Macau and the U.S., ongoing capital returns, and the increased commitment to the UAE project reflect management’s focus on premium demand and prioritized investment in select international expansion.