Wynn Resorts Q1 2026 earnings: revenue rises to $1.86bn

Wynn Resorts posted first-quarter operating revenue of $1.86 billion, up $156.4 million from $1.70 billion in Q1 2025, with net income attributable to the company rising to $120.5 million from $72.7 million a year earlier.

Diluted net income per share increased to $1.04 from $0.69. Adjusted net income came in at $129.7 million, or $1.25 per diluted share, against $113.1 million, or $1.07 per diluted share, in the prior-year period. Adjusted Property EBITDAR for the group rose to $562.4 million from $532.9 million.

Wynn Palace Leads Revenue Growth

Wynn Palace was the primary driver of the quarter’s year-on-year improvement. Operating revenue at the Cotai property reached $659.3 million, up $123.4 million from $535.9 million in Q1 2025. Adjusted Property EBITDAR increased to $203.8 million from $161.9 million.

Mass market table games win percentage was 26.6%, above 24.8% in the prior-year quarter. VIP table games win as a percentage of turnover was 3.11%, within the property’s expected range of 3.1% to 3.4%.

The result continues a broader recovery trend across Macau’s premium segment. <a href=”https://epicwins.io/2025/12/09/macau-casino-revenue-forecasts-raised-as-market-recovery-gains-momentum/”>Analysts raised Macau casino revenue forecasts in late 2025 as mass market volumes rebounded across operators.

Las Vegas Delivers Another Quarter of EBITDAR Growth

Las Vegas operations reported operating revenue of $661.9 million, up $36.6 million from $625.3 million. Adjusted Property EBITDAR rose to $232.5 million from $223.4 million. Table games win percentage was 25.2%, within the property’s expected range of 22% to 26%.

CEO Craig Billings pointed to continued market share gains in gaming as a key feature of the quarter.

Las Vegas delivered another quarter of EBITDAR growth and continued to gain gaming market share.

The Las Vegas result adds to a strong run for the Strip’s premium tier. <a href=”https://epicwins.io/2026/01/30/nevada-casinos-hit-record-15-8b-gaming-revenue-in-2025/”>Nevada casinos recorded a full-year gaming revenue record of $15.8 billion in 2025, with high-end properties benefiting from sustained visitor spending.

Wynn Macau Flat; Boston Harbor Declines

Wynn Macau was the soft spot in the quarter. Operating revenue came in at $329.9 million, effectively flat against $330.0 million a year earlier. Adjusted Property EBITDAR fell to $75.6 million from $90.2 million. Mass market table games win percentage dropped to 15.1% from 18.7%, while VIP win as a percentage of turnover was 0.39%, well below the expected range of 3.1% to 3.4%. The win rate variance weighed materially on the property’s EBITDAR contribution.

Encore Boston Harbor reported operating revenue of $205.7 million, down $3.6 million from $209.2 million. Adjusted Property EBITDAR fell to $50.5 million from $57.5 million. Table games win percentage of 20.2% was within the expected range of 18% to 22%, suggesting the volume rather than hold drove the decline.

UAE Development: $1.01bn Contributed, Opening Delayed

Wynn contributed $100.1 million in cash to the 40%-owned Wynn Al Marjan Island joint venture during the quarter, bringing life-to-date contributions to $1.01 billion. The project, a $5 billion resort in the UAE, is now expected to face a modest delay to its previously targeted spring 2027 opening due to logistical and shipping challenges related to regional conditions.

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.

Billings said the company is monitoring the situation in the Gulf region and taking additional precautions for its team on the ground. <a href=”https://epicwins.io/2026/02/20/uae-gambling-legalization-first-gulf-casino-license-news/”>The UAE’s first Gulf casino licence developments have drawn wide operator interest, with Wynn Al Marjan Island among the most advanced projects in the market.

Balance Sheet and Capital Returns

As of March 31, Wynn Resorts held cash and cash equivalents of $1.19 billion, excluding $607.6 million in short-term investments held by Wynn Macau, Limited. Total debt stood at $10.52 billion, comprising $5.76 billion in Macau-related debt, $3.28 billion in Wynn Resorts Finance debt, $877.2 million of Wynn Las Vegas debt, and $598.6 million held by the retail joint venture consolidated by the company.

The company repurchased 528,667 shares during the quarter at an average price of $101.72, for a total cost of $53.8 million. As of March 31, $401.1 million remained under the equity repurchase program. The board declared a cash dividend of $0.25 per share, payable May 29, 2026, to stockholders of record as of May 18, 2026.

The Wynn Macau dividend increase, cited by Billings as a sign of confidence in the property’s cash generation, will be a focal point for investors tracking the Macau operation’s recovery trajectory through the remainder of 2026.

Source: Wynn Resorts