Wynn Resorts Revenue Reaches $1.86 Billion as UAE Casino Resort Experiences Delay

(AsiaGameHub) –   Wynn Resorts concluded the first quarter with increased revenue, improved profitability, and greater capital returned to shareholders, while its UAE casino resort project continued to require substantial investment.

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Key Highlights

• Wynn Resorts’ Q1 revenue rose to $1.86 billion from $1.70 billion.
• Net income attributable to Wynn reached $120.5 million.
• Wynn Al Marjan Island now faces a slight delay, though work continues toward a 2027 opening.

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Strong Performance Driven by Macau and Las Vegas Operations

Wynn Resorts delivered a stronger first quarter, primarily supported by Wynn Palace in Macau and its Las Vegas operations. Operating revenue grew by $156.4 million year over year, reaching $1.86 billion. Adjusted Property EBITDAR also improved, increasing to $562.4 million from $532.9 million.

Profit growth outpaced revenue gains. Net income attributable to Wynn rose to $120.5 million, up from $72.7 million a year earlier. Diluted net income per share climbed to $1.04 from $0.69. On an adjusted basis, Wynn Resorts reported net income of $129.7 million, or $1.25 per diluted share, compared with $113.1 million, or $1.07 per diluted share, in Q1 2025.

Las Vegas operations provided consistent earnings support. Revenue from Las Vegas reached $661.9 million, up from $625.3 million. Adjusted Property EBITDAR increased to $232.5 million from $223.4 million, with table games win percentage at 25.2%, within the anticipated range of 22% to 26%.

Wynn Palace showed the most significant improvement. Revenue surged to $659.3 million from $535.9 million, while Adjusted Property EBITDAR jumped to $203.8 million from $161.9 million. Mass market table games achieved a 26.6% win rate, above last year’s 24.8%. VIP table games win as a percentage of turnover was 3.11%, within the expected 3.1% to 3.4% range.

In contrast, Wynn Macau experienced a weaker performance. Revenue remained nearly unchanged at $329.9 million, down slightly from $330.0 million the prior year, but Adjusted Property EBITDAR declined to $75.6 million from $90.2 million. Mass market table games win percentage dropped to 15.1% from 18.7%. VIP table games win as a percentage of turnover fell sharply to 0.39%, well below the expected 3.1% to 3.4% range.

Encore Boston Harbor also saw a decline in results. Revenue decreased to $205.7 million from $209.2 million, and Adjusted Property EBITDAR fell to $50.5 million from $57.5 million. Table games win percentage was 20.2%, within the expected 18% to 22% range.

Wynn Al Marjan Island remained a major focus of spending. During the quarter, Wynn Resorts contributed $100.1 million in cash to the 40%-owned joint venture developing the UAE casino resort. Total cash contributions to date have reached $1.01 billion.

The $5 billion Wynn Al Marjan Island project had originally targeted a spring 2027 opening but now faces a modest delay due to regional conflict. Construction, however, remains ongoing.

Craig Billings, CEO of Wynn, commented:

“Construction has continued to progress, with over 22,000 workers on site. The project team has demonstrated remarkable resilience. Despite logistical and shipping challenges, deliveries have persisted, and we are rerouting shipments and sourcing alternative materials where necessary.”

During the quarter, Wynn Resorts also executed share repurchases, acquiring 528,667 shares at an average price of $101.72, for a total expenditure of $53.8 million. As of March 31, the company retained $401.1 million available under its share repurchase program.

The Board of Directors announced a $0.25 per share cash dividend, payable on May 29, 2026, to stockholders of record as of May 18, 2026.

As of end-March, Wynn Resorts held $1.19 billion in cash and cash equivalents—excluding $607.6 million in short-term investments held by Wynn Macau, Limited. Total current and long-term debt amounted to $10.52 billion, comprising $5.76 billion tied to Macau, $877.2 million linked to Wynn Las Vegas, $3.28 billion under Wynn Resorts Finance, and $598.6 million held by the consolidated retail joint venture.