Wynn Resorts reported a decline in third-quarter revenue and net income as its properties faced lower results across Las Vegas, Macau, and Boston.
The company also reached a framework for a labor agreement at Encore Boston Harbor and said future development decisions will remain focused on completing its UAE project.
Wynn Resorts reported operating revenue of $1.69 billion for the third quarter, down $144.7 million from $1.83 billion in the same period in 2025.
Net income attributable to Wynn Resorts fell to $17.3 million from $88.3 million, while diluted net income per share declined to $0.17 from $0.85.
Adjusted net income was $33.9 million, or $0.33 per diluted share, compared with $88.7 million, or $0.86 per diluted share, a year earlier. Adjusted property EBITDAR declined to $464.2 million from $570.1 million.
Results declined across four operating segments
Wynn reported operating revenue declines of $51.7 million at Wynn Palace, $45.8 million in its Las Vegas operations, $30.1 million at Wynn Macau and $17.1 million at Encore Boston Harbor compared with the third quarter of 2025.
Adjusted property EBITDAR fell by $44.6 million in Las Vegas, $34.5 million at Wynn Palace, $18.5 million at Wynn Macau and $8.3 million at Encore Boston Harbor.
Encore Boston Harbor generated $194.7 million in operating revenue, down from $211.8 million a year earlier. Its table-games win percentage was 18.9%, within the property’s expected range of 18% to 22%, compared with 20.5% in the third quarter of 2025.
The Boston property faced a 63-day strike that began September 4 after collective bargaining agreements expired August 31. About 1,350 union employees participated in the work stoppage. The union sought wage increases, continued health care and benefits, job security and guaranteed hours.
Boston labor agreement moves toward ratification
CEO Craig Billings said Wynn had reached a framework with union leadership for a new contract. The financial terms were not disclosed.
“I’m pleased to announce that we were recently able to reach a framework for a resolution with union leadership that is both fair and economically feasible over the long term,” Billings said. “Union leadership has recommended that agreement to its members.”
UNITE HERE members began voting on the agreement Thursday, with the ratification process underway during Wynn’s third-quarter earnings call.
“The history of ratification votes by unions is such that agreements are generally ratified,” said Billings. “What I would say is that we are very happy with where we landed. We’ll turn that into numbers on the next call.”
Billings also defended Encore Boston Harbor’s long-term position despite competition from other forms of gambling in Massachusetts.
“We invested $2.6 billion and turned a contaminated site where people used to hang their laundry outside across the street and ended up with holes in their clothes from all the chemicals into 3,000 jobs and more than $1.1 billion in tax revenues,” Billings said.
UAE resort remains the development priority
Wynn contributed $62.2 million during the quarter to the 40%-owned joint venture developing Wynn Al Marjan Island in the United Arab Emirates. Total contributions to the project have reached $1.12 billion.
The resort is scheduled to open September 27, 2027. Billings said project costs are substantially locked in and construction continues, with finishing work underway throughout the property.
“We acknowledge the uncertainty in the region,” Billings said. “But as I’ve said before, we are firm believers in the resilience and adaptability of the UAE.”
Wynn Al Marjan Island will include 1,530 accommodations, including 1,217 hotel rooms, 297 suites, two “Royal Apartments,” four townhomes and 10 marina estates. The 70-story development will also include a 225,000-square-foot casino, 129,166 square feet of retail space, 8,000 square feet of indoor convention space, a 28,352-square-foot ballroom and 22 restaurants, lounges and bars.
A second casino, described as a “sky gaming casino,” will be located on the 22nd floor.
Wynn had hired 442 employees for the UAE project as of September, with most in senior executive and senior management positions. Employee training is planned during the three months before opening.
Las Vegas land remains under consideration
While the UAE development remains the company’s priority, Wynn has started considering potential uses for land across Las Vegas Boulevard from Wynn Las Vegas and Encore Las Vegas.
The company owns 38 acres on the west side of Las Vegas Boulevard. Billings said Wynn is examining how the property could connect with its existing resorts and whether development could cost less than a standalone integrated resort.
“Across the street, we have started to doodle and think about what relationship that property might have to our existing assets and how we might be able to build probably at a lower all-in dollar cost than a freestanding integrated resort by leveraging its relationship to Wynn and Encore,” Billings said.
Wynn’s land bank totals 166 acres in Las Vegas, 16 acres in Boston, 13 acres in Macau and 70 acres in the UAE.
Billings also identified Texas as a market Wynn could consider, although he said the company remains selective about capital deployment in US regional gaming markets.
“We’re very thoughtful about how we would deploy capital elsewhere in the US,” he said.