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    WYNN
    Earnings call· Jun 2026(Q2 FY26)

    WYNN RESORTS Q2 FY26 earnings call WYNN

    Aug 4, 2026 Source

    Executive summary

    Wynn Resorts Q2 FY26 — Strong Las Vegas & Macau Performance, Al Marjan Island Project Update

    Wynn Resorts delivered a strong Q2 FY26, driven by robust performance in Las Vegas and Macau, with Encore Boston Harbor also setting records. The company is making significant investments in Macau with new projects and provided an updated timeline and budget for the Wynn Al Marjan Island development, which saw an increase in costs due to supply chain disruptions and other factors. Management remains confident in the long-term prospects of its key markets and ongoing projects.

    Highlights

    4

    • Wynn Las Vegas delivered $215 million of EBITDA, with casino revenues up 5% and RevPAR up 3%.

    • Encore Boston Harbor generated $56 million of EBITDA, setting records for 2Q RevPAR and 2Q hotel revenue, with slot revenues up 1%.

    • Macau delivered $306 million in VIP normalized EBITDA, with mass drop up 5%.

    • The Wynn Al Marjan Island project is progressing rapidly, with an expected opening in September 2027.

    Concerns

    4

    • The Wynn Al Marjan Island project budget increased by approximately $600 million due to regional conflict disruptions and other costs.

    • Macau rolling volumes and mass drop were down slightly year-on-year in early Q3 due to World Cup impact and seasonality.

    • Wynn Las Vegas experienced unusually low hold in July, which negatively impacted Q2 by over $3.6 million.

    • Encore renovations are expected to result in $2 million to $4 million in foregone revenue per quarter through the first half of next year.

    Guidance & targets

    5
    CategoryTargetConfidence
    Wynn Al Marjan Island opening
    September 2027
    high materiality
    High
    Event Center and theater at Wynn Palace completion
    2028
    medium materiality
    High
    Enclave hotel opening
    2029
    medium materiality
    High
    Macau expansionary CapEx
    $350 million to $400 million
    medium materiality
    High
    Wynn Las Vegas OpEx per day
    $4.4 million to $4.7 million
    low materiality
    Medium

    Segment performance

    3
    SegmentRevenueYoYQoQMargin
    Las Vegas
    Delivered strong Q2 results with particular strength in May. Adjusted for hold, EBITDA would have been $219 million. OpEx excluding gaming tax ran at $4.5 million per day, up $0.062 year-on-year, reflecting higher business volumes, contractual wage increases, and investment in premium offerings.
    Casino revenues: up 5%RevPAR: up 3%Retail lease revenue: up 8%
    		$643.2 million——$215.2 million (adjusted property EBITDA), 33.5% margin
    Boston (Encore Boston Harbor)
    Generated record-setting performance for 2Q RevPAR and hotel revenue. OpEx per day came in at $1.19 million, up just 2.9% versus Q2 last year, demonstrating strong cost discipline despite ongoing labor pressure.
    2Q RevPAR: record2Q hotel revenue: recordSlot revenues: up 1%
    		$209.3 million——$56.1 million (adjusted property EBITDA), 26.8% margin
    Macau
    Delivered particularly solid results. VIP hold negatively impacted by $8.6 million. OpEx excluding gaming tax was approximately $2.9 million per day, up 9% year-on-year but flat quarter-over-quarter, driven by investments in premium customer experience and cost of living adjustments.
    VIP normalized EBITDA: $306 millionMass drop: up 5%
    		$1 billion——$297 million (adjusted property EBITDA), 29.6% margin

    Operational metrics

    16
    Wynn Las Vegas Adjusted Property EBITDA (hold-adjusted)
    $219 million
    Q2 FY26

    EBITDA if adjusted for hold in the quarter.

    Wynn Las Vegas OpEx per day (excluding gaming tax)
    $4.5 millionup $0.062 YoY
    Q2 FY26

    Reflects higher business volumes, contractual wage increases, and investment in premium offerings.

    Encore Boston Harbor OpEx per day
    $1.19 millionup 2.9% YoY
    Q2 FY26

    Despite real ongoing labor pressure in the market, the team found smart efficiencies.

    Macau OpEx per day (excluding gaming tax)
    $2.9 millionup 9% YoY, flat QoQ
    Q2 FY26

    Driven by additional investments in premium customer experience and normal course cost of living adjustments.

    Wynn Macau 2025 final dividend
    $150 millionup from $124 million
    2025

    Approved by Wynn Macau Board and paid in Q2 FY26, cornerstone of capital return policy.

    Wynn Resorts cash dividend
    $0.25
    Q2 FY26

    Approved by the Board, payable on August 28 to stockholders of record as of August 14.

    Total CapEx
    $153 million
    Q2 FY26

    Primarily related to Encore Tower and SPAR remodels, Cliffs House Grill in Las Vegas, and hotel refurbishment at Wynn Macau.

    Equity contribution to Wynn Al Marjan Island
    $48.1 million
    Q2 FY26

    Equity contributed during the quarter.

    Cumulative equity contribution to Wynn Al Marjan Island
    $1.06 billion
    to date

    Total equity contributed to the project.

    Wynn Al Marjan Island construction loan drawn
    $1.4 billion
    to date

    Amount drawn on the construction loan.

    Wynn's 40% share of additional equity for Wynn Al Marjan Island
    $140 million
    future

    Required equity due to the increased project budget.

    Remaining equity for Wynn Al Marjan Island (Wynn's share)
    $525 million to $650 million
    future

    Expected equity for the remainder of the project, including Jane.

    Share repurchase program
    $75 million
    Q2 FY26

    Amount executed in the quarter, based on a price-based grid.

    Macau VIP normalized average EBITDA per day
    $3.4 million
    Q2 FY26

    Reflects solid results during the quarter.

    Macau non-gaming spend commitment (concession)
    $2.6 billion
    concession term

    Overall commitment as part of the concession renewal, including projects like the Venetian Theater.

    Global cash and revolver availability
    $4 billion
    as of June 30

    Excellent liquidity position.

    Industry KPIs

    3
    MetricValueDetails
    Comparable sales compsup 3%%
    Group booking pace booking windowahead of '25
    Net unit growth development pipeline432 suitesunits

    Product announcements

    2
    ProductTypeDetails
    Enclavelaunch
    Event Center and theaterlaunch

    Risks & headwinds

    5
    Regional conflict disruptions impacting Wynn Al Marjan IslandOngoing, impacting project until opening in September 2027

    Project budget increased by approximately $600 million; opening delayed to September 2027.

    Mitigation: Resourcing, rerouting, or expediting materials; management confidence in UAE's ability to manage geopolitical risks; commitment to project completion.

    Unusually low hold in Las VegasJuly (Q3 start)

    Negatively impacted Q2 EBITDA by just over $3.6 million.

    Mitigation: Solid volumes and RevPAR growth noted, suggesting underlying demand strength.

    World Cup impact and seasonality in MacauEarly Q3 FY26

    Rolling volumes and mass drop were down slightly year-on-year in early Q3.

    Mitigation: Drop picked up in the back half of July and continued into early August as the region entered the summer holiday season.

    Foregone revenue from Encore renovationsThrough the first half of next year

    Expected to cost $2 million to $4 million in revenue per quarter.

    Mitigation: Part of ongoing investment to enhance premium offerings; management views it as a necessary cost for maintaining quality.

    Ongoing labor pressure in BostonOngoing

    OpEx per day up 2.9% YoY despite cost discipline.

    Mitigation: Team in Boston is disciplined on costs and flow-through, finding smart efficiencies.

    What to watch in Q3 FY26

    5

    Macau Q3 Rolling Volumes & Mass Drop

    next quarter
    Currentdown slightly YoY in Q3 (early)
    Targetrecovery to normal cadence

    Why it matters

    Indicates recovery from World Cup/seasonality impact and sustained market demand in Macau.

    So far, in the third quarter, rolling volumes and mass drop were down slightly year-on-year as we absorb the now well-publicized impact of the World Cup, coupled with usual seasonality. We saw a drop pickup in the back half of July as the region entered the summer holiday season and those improving trends continued into early August.

    Q&A highlights

    6

    Discuss the strategic pros and cons of the September 2027 opening date for Wynn Al Marjan Island, considering regional uncertainty and flexibility around the date.

    Management acknowledged the regional conflict but emphasized the UAE's demonstrated ability to manage through such situations. They noted that construction is proceeding normally, and the opening is over a year away, by which time they expect the situation to be manageable, citing Dubai Airport's continued growth.

    “Look, I'm not going to tell you there's no risk, but when we underwrote the project, again, I said this last time, we didn't underwrite a region with zero geopolitical risk. We underwrote Hunter with the demonstrated ability to manage through it.”

    asked by Shaun Kelley · answered by Craig Fullalove

    2 min read6 chapters

    Detailed Narrative

    01

    Las Vegas Performance

    Wynn Las Vegas reported strong Q2 results with $215 million EBITDA, casino revenues up 5%, and RevPAR up 3%. The property saw solid volumes and increased slot revenues and RevPAR more recently, despite unusually low hold in July. Forward bookings for groups and conventions are accelerating, and the F1 weekend is pacing ahead of last year, indicating continued strength.

    02

    Encore Boston Harbor Strength

    Encore Boston Harbor generated $56 million EBITDA, achieving record 2Q RevPAR and hotel revenue. Slot revenues increased by 1%, and demand remains healthy, with slot handle slightly ahead of last year. The team is focused on cost discipline and efficiency, managing to keep OpEx per day up only 2.9% year-on-year despite ongoing labor pressures in the market.

    03

    Macau Market Recovery & Investment

    Macau delivered solid results with $306 million VIP normalized EBITDA and mass drop up 5%. The company is investing in the future of Macau with the new Enclave all-suite hotel, expected to open in 2029, and the Event Center and theater at Wynn Palace, expected completion in 2028. These projects reflect a clear and confident investment in the market and support its diversification efforts.

    04

    Wynn Al Marjan Island Project Update

    Construction on Wynn Al Marjan Island is progressing rapidly, with interior fit-out underway. The project's opening is now expected in September 2027. The total budget has increased by approximately $600 million, with half attributed to regional conflict disruptions, material cost increases, and shipping costs, and the remainder to remeasurement, trade coordination, and other project-related costs. Management remains committed to and confident in the UAE market.

    05

    Capital Allocation & Shareholder Returns

    The company maintains excellent liquidity with $4 billion in global cash and revolver availability. The Wynn Macau Board approved a 2025 final dividend of $150 million, up from $124 million in the prior period. The Wynn Resorts Board approved a cash dividend of $0.25 per share. Equity contributions to Wynn Al Marjan Island totaled $1.06 billion cumulatively, with an additional $140 million required from Wynn's 40% share due to the budget increase.

    06

    Competitive Landscape & Customer Focus

    Management noted the competitive but stable environment in Macau, with a focus on premium customer experience and long-standing relationships. In Las Vegas, the company continues to cater to a high-end customer base, which has held up extremely well. The potential for an NBA franchise in Las Vegas is viewed positively for driving premium visitation, similar to the impact of the Raiders.

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