International casino and hospitality company Wynn Resorts has published a report detailing its financial results for the third quarter of the year. The company’s quarterly report highlighted mixed results due to slower market conditions, but leaders remained pleased with Wynn’s strong operational discipline.
Not Wynn’s Best Quarter
Wynn Resorts’ revenues for the three months ended September 30, 2026, reached $1.69 billion versus $1.83 billion for the prior-year period. This highlights a decrease of $144.7 million, which officials attributed to “slower market conditions” and suboptimal hold rates in Las Vegas.
Net income plummeted to $17.3 million versus $88.3 million for the third quarter of 2025. Diluted net income per share was $0.17, down from $0.85 in the prior-year period.
Adjusted property EBITDAR, on the other hand, decreased to $464.2 million versus $570.1 million for Q3 2025.
Business Experienced Setbacks in Multiple Regions
Taking a look at how its various segments performed, Wynn said that Wynn Palace’s revenues decreased to $583.8 million versus $635.5 million for Q3 2025. Adjusted property EBITDAR from the Macau venue reached $165.8 million, representing a decrease from $200.3 million for the prior-year period.
Wynn Macau, on the other hand, reported Q3 2026 revenues and adjusted EBITDAR of $335.4 million and $89.5 million, respectively. For comparison, the property’s revenues and adjusted EBITDAR for Q3 2025 were $365.5 million and $108 million, respectively.
In Las Vegas, Wynn Resorts’ operations recorded $575.2 million in Q3 revenue and $158 million in adjusted EBITDAR versus $621 million in revenue and $203.4 million in adjusted EBITDAR for the prior-year period.
Last, but not least, Encore Boston Harbor reported $194.7 million in revenue and $50.1 million in adjusted EBITDAR. For comparison, the property reported $211.8 million in revenue and $58.4 million in adjusted EBITDAR for the prior-year period.
As of September 30, 2026, Wynn Resorts had $1.64 billion in cash and cash equivalents, excluding $150.2 million of short-term investments held by Wynn Macau. As of the same date, the company’s borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $1.03 billion and $1.35 billion, respectively.
Wynn’s outstanding debt as of September 30, 2026, was $10.73 billion.
Wynn Maintained Strong Operational Discipline
Craig Billings, Wynn Resorts’ chief executive officer, commented on the results, saying that they demonstrated “strong operational discipline” from the company’s teams in all regions. While Wynn’s Las Vegas and Macau properties continued to enjoy healthy demand, slower market conditions and suboptimal hold led to unfavorable results.
To top it all off, the company had to manage a strike in Boston, although the company has now resolved this matter.
Billings added that the team at Wynn Al Marjan Island has also made substantial progress in wrapping up the property. He confirmed that the company plans to open this new venue in September next year.
Speaking of the Al Marjan Island property, the company contributed an additional $62.2 million to the development, bringing its contributions to the project to $1.12 billion.
Additional highlights in Wynn’s report included the repurchase of 627,475 shares at an average price of $92.61 for a total of $58.1 million. The company also announced on November 5 that its board has approved a cash dividend of $0.25 per share, payable on November 30, 2026.