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    WYNN
    Earnings call· Mar 2026(Q1 FY26)

    WYNN RESORTS Q1 FY26 earnings call WYNN

    May 7, 2026 Source

    Executive summary

    Wynn Resorts Q1 FY26 — Strong Performance Across Segments, UAE Project Faces Modest Delay

    Wynn Resorts delivered a strong first quarter, driven by robust performance in Las Vegas and Macau, with significant growth in key metrics. The company announced a major new investment in Macau with the Enclave at Wynn Palace, while the Wynn Al Marjan project in the UAE faces a modest delay due to regional logistical challenges. Management remains confident in the long-term strategic value of the UAE project and continues to focus on operational efficiency and shareholder returns across its global portfolio.

    Highlights

    5

    • Wynn Las Vegas adjusted EBITDA grew 5% to $235 million, inclusive of a record March.

    • Wynn Las Vegas RevPAR was up nearly 10% year-on-year on a 12% increase in rate.

    • Macau operations delivered adjusted property EBITDA of $296 million (VIP hold adjusted), with Mass drop up 19% and Handle up 32% year-on-year.

    • Company-wide liquidity remains strong with global cash and revolver availability of $4.4 billion.

    • Wynn Macau Board recommended an increase in the final dividend for 2025 to $150 million, up from $125 million.

    Concerns

    5

    • Wynn Al Marjan project expects a modest delay in opening timeline due to logistical and shipping challenges in the region.

    • Lower-than-expected VIP hold negatively impacted Macau EBITDA by $17 million.

    • Wage pressures remain a challenge at Encore Boston Harbor, though operating expenses were tightly managed.

    • OpEx per day in Las Vegas was up 6.8% due to higher business volumes, wage increases, and new outlet staffing.

    • Shipping rates for the UAE project have gone up, and carrying costs for the on-ground team will be incremental.

    Guidance & targets

    4
    CategoryTargetConfidence
    Wynn Al Marjan opening timeline
    Modest delay
    high materiality
    Medium
    Wynn Al Marjan opening year
    2027
    high materiality
    High
    Macau expansionary CapEx
    $400M-$450M
    medium materiality
    High
    Encore Tower remodel completion
    Very early 2027
    low materiality
    High

    Segment performance

    3
    SegmentRevenueYoYQoQMargin
    Wynn Las Vegas
    Strong performance driven by new venue openings and ongoing team efforts. Favorable hold negatively impacted EBITDA by just over $2 million. Momentum carried into Q2 with positive trends in drop, handle, and ADR.
    RevPAR: up nearly 10% YoYADR: up 12% YoYCasino revenues: up over 9%Drop: up YoYHandle: up YoYOpEx per day (excluding gaming tax): $4.55M (up 6.8% YoY)
    		$661.9M——$232.5M adjusted property EBITDA (5.1% EBITDA margin)
    Encore Boston Harbor
    Maintained discipline on the cost side despite challenging weather and continued gaming expansion in New Hampshire. Team is mitigating union-related payroll increases with identified cost efficiencies. Q2 is off to a steady start with drop and handle ahead of last year.
    Slot revenues: grew 2% YoYOpEx per day: $1.22M (up 3.9% YoY)
    		$205.7M——$50.5M adjusted property EBITDAR (24.6% EBITDA margin)
    Macau Operations
    Strong quarter driven by premium demand. Lower-than-normal VIP hold negatively impacted EBITDA. Momentum persisted into Q2 with Mass Drop running ahead of last year. Newly expanded Chairman's Club opened to strong customer reception.
    VIP hold adjusted EBITDA: $296MMass drop: up 19% YoYMass handle: up 32% YoYVIP hold impact: negatively impacted EBITDA by $17MOpEx per day (excluding gaming tax): $2.9M (up 9.9% YoY)
    		$989.2M——$279.4M adjusted property EBITDA (28.2% EBITDA margin)

    Operational metrics

    21
    Adjusted EBITDA
    $235Mup 5% YoY
    Q1 FY26

    Inclusive of best March in property history.

    Adjusted property EBITDAR
    $50.5M
    Q1 FY26

    Generated on $205.7 million of revenue.

    Adjusted property EBITDA
    $279.4M
    Q1 FY26

    Generated on $989.2 million of operating revenue, resulting in a 28.2% EBITDA margin.

    VIP hold adjusted EBITDA
    $296M
    Q1 FY26

    Lower-than-expected VIP hold impacted the quarter by $17 million.

    Liquidity position
    $4.4B
    as of March 31, 2026

    Comprised of total cash and revolver availability.

    Consolidated net leverage ratio
    4.4x
    LTM

    Based on just under $2.3 billion of LTM adjusted EBITDA.

    Dividend
    $150Mup from $125M
    FY25

    Subject to shareholders' approvals at the upcoming Annual General Meeting.

    Cash dividend per share
    $0.25
    Q1 FY26

    Approved by the Wynn Resource Board.

    Share repurchases
    528,000 shares
    Q1 FY26

    An additional $30.6 million repurchased so far in Q2.

    Capital expenditure
    $179.1M
    Q1 FY26

    Primarily related to new amenities and refurbishments.

    Equity contribution
    $10.1M
    Q1 FY26

    Bringing total equity contribution to date to $1.01 billion.

    Drawn amount from Marjan construction loan
    $962.3M
    to date

    Company continues to draw on the loan.

    Remaining share of required equity
    $350M-$450M
    Future

    Including the new project.

    Mass drop
    up 19%YoY
    Q1 FY26

    Extremely strong performance.

    Mass handle
    up 32%YoY
    Q1 FY26

    Strong performance.

    OpEx per day (excluding gaming tax)
    $4.55Mup 6.8% YoY
    Q1 FY26

    Due to higher business volumes, contractual wage increases, and incremental staffing for new outlets.

    OpEx per day
    $1.22Mup 3.9% YoY
    Q1 FY26

    Despite continued labor pressures, team maintained cost discipline.

    OpEx per day (excluding gaming tax)
    $2.9Mup 9.9% YoY
    Q1 FY26

    Driven by higher business volumes, opening of Gourmet Pavilion, expansion of Chairman's Club, and normal course cost of living adjustments.

    Enclave at Wynn Palace investment
    $900M-$950M
    Future

    A 432 all-suite hotel adjacent to Wynn Palace, expected to drive more foot traffic to gaming and F&B.

    Enclave at Wynn Palace estimated incremental GGR
    $400M
    Future

    Based on reasonable assumption of $2,500 CO per room night.

    Encore Tower remodel duration
    12 months
    starting shortly

    The project will be done in pockets over the remainder of 2026 and into very early 2027.

    Industry KPIs

    3
    MetricValueDetails
    Comparable sales compsup nearly 10%%
    Group booking pace booking windowgrow
    Net unit growth development pipeline432rooms

    Product announcements

    5
    ProductTypeDetails
    Zero Bondlaunch
    Sartiano's Italian steakhouselaunch
    Chairman's Club expansionexpansion
    The Enclave at Wynn Palacelaunch
    Encore Tower remodelupdate

    Risks & headwinds

    9
    Logistical and shipping challenges in UAEQuantification expected in coming months.

    Modest delay in opening timeline for Wynn Al Marjan project.

    Mitigation: Rerouting shipments and sourcing alternative materials where needed. Supply chains are becoming flexible.

    Lower-than-expected VIP holdQ1 FY26

    Negatively impacted Macau EBITDA by $17M.

    Wage pressuresQ1 FY26 and ongoing

    OpEx per day at Encore Boston Harbor up 3.9% YoY to $1.22M.

    Mitigation: Actively working to address. Team is mitigating union-related payroll increases with identified cost efficiencies that do not impact guest experience.

    Increased operating expenses in Las VegasQ1 FY26

    OpEx per day (excluding gaming tax) up 6.8% YoY to $4.55M.

    Increased operating expenses in MacauQ1 FY26

    OpEx (excluding gaming tax) up 9.9% YoY to $2.9M per day.

    Geopolitical risk in UAEOngoing

    Logistical challenges today, potential for more depending on situation evolution.

    Mitigation: UAE's demonstrated ability to manage through conflicts and emerge stronger. Company underwrote the project with geopolitical risk in mind.

    Increased shipping rates for Al Marjan projectOngoing

    Likely a rounding error on total budget.

    Incremental preopening budget for Al Marjan projectOngoing until opening

    Cost of carrying on-ground team for slightly longer.

    Food and beverage COGS pressureQ1 FY26 and ongoing

    Not quantified, but noted as a pressure point.

    Mitigation: Watching closely; will make price moves if necessary, but avoids adjusting portion sizes to prevent brand/value impacts.

    What to watch in Q2 FY26

    5

    Wynn Al Marjan opening delay quantification

    coming months
    CurrentModest delay expected
    TargetQuantified delay in months/quarters

    Why it matters

    The precise impact on project timeline and budget is crucial for valuation and future revenue projections.

    We do expect a modest [indiscernible] in our opening time line, and I expect that we will quantify that in the coming months⏳.

    Q&A highlights

    6

    What specific actions are being taken to keep the Al Marjan project on track given regional challenges, and what are the impacts of supply chain constraints?

    Construction continues with 22,000 workers on site. The team is resilient, rerouting shipments and sourcing alternative materials. Logistical challenges are manageable, leading to a modest delay, but the project is advancing. The UAE's response to the conflict has reinforced its security credibility.

    “Construction continues. We're making do just fine, and we will carry on.”

    asked by Daniel Politzer · answered by Craig Billings

    2 min read5 chapters

    Detailed Narrative

    01

    Wynn Al Marjan Project Update

    Construction on the Wynn Al Marjan project in the UAE continues with over 22,000 workers on site. The project has faced logistical and shipping challenges due to regional conflict, leading to a modest expected delay in the opening timeline, which will be quantified in coming months. Despite this, management remains highly confident in the long-term tourism fundamentals of the UAE, citing its world-class infrastructure, strong policy framework, and demonstrated ability to manage geopolitical risks. The company is not revisiting its initial EBITDA estimates for the project.

    02

    Las Vegas Performance and Luxury Consumer Resilience

    Wynn Las Vegas delivered strong Q1 FY26 results, with adjusted EBITDA up 5% to $235 million, including a record March. RevPAR increased nearly 10% year-on-year, driven by a 12% increase in rate. This momentum has carried into Q2, with positive trends in drop, handle, and ADR. Management attributes this to specific strategies, strong gaming market share, retail sales, and the resilience of the luxury consumer, noting that the property did not experience a slowdown in 2025 like the broader market. The Encore Tower remodel is set to begin shortly.

    03

    Macau Market Strength and Strategic Investment

    Macau operations generated $296 million in VIP hold adjusted EBITDA. Mass drop was exceptionally strong, up 19%, and handle increased 32% year-on-year, with positive trends continuing into Q2. To capitalize on premium demand and high occupancy rates at Wynn Palace, the company announced a significant new investment: The Enclave at Wynn Palace. This $900 million to $950 million all-suite hotel will add 432 rooms, increasing Wynn Palace's room count by 25% and suite count by 50%, driving more foot traffic to existing gaming and F&B facilities. The project is expected to generate $150 million to $175 million in incremental EBITDA.

    04

    Capital Allocation and Shareholder Returns

    Wynn Resorts maintains a strong liquidity position with $4.4 billion in global cash and revolver availability. The company's consolidated net leverage ratio stands at just over 4.4x. The Wynn Macau Board recommended increasing the final dividend for 2025 to $150 million, up from $125 million. Additionally, the Wynn Resorts Board approved a cash dividend of $0.25 per share. The company repurchased 528,000 shares for $53.8 million in Q1 and an additional $30.6 million in Q2, demonstrating confidence in operations and commitment to returning capital.

    05

    Operational Efficiency and Cost Management

    Encore Boston Harbor generated $51 million in EBITDAR with a 24.6% EBITDA margin, maintaining cost discipline despite wage pressures. OpEx per day was $1.22 million, up 3.9% year-on-year, with the team mitigating union-related payroll increases through identified cost efficiencies. In Las Vegas, OpEx per day was $4.55 million, up 6.8%, driven by higher business volumes, contractual wage increases, and staffing for new outlets. Macau OpEx, excluding gaming tax, was $2.9 million per day, up 9.9%, due to higher business volumes, new facility openings, and cost of living adjustments.

    AI-generated summary of the company’s earnings call. Not investment advice.