Wynn Resorts, Limited

What they do

Wynn Resorts designs, develops, and operates luxury integrated resorts featuring gaming, hotels, retail, dining, and entertainment. Through an approximately 72% ownership of Wynn Macau, Limited, it operates Wynn Palace and Wynn Macau in Macau. It wholly owns Wynn Las Vegas and Encore at Wynn Las Vegas in Las Vegas, Nevada, and Encore Boston Harbor in Everett, Massachusetts. It also holds a 40% equity interest in Wynn Al Marjan Island, a resort under construction in Ras Al Khaimah, UAE.

Revenue drivers

• Wynn Palace (Macau) — Luxury integrated resort in Macau; Q2 2026 revenue was $653.4 million, up $113.8 million year-over-year; driven by mass market table games win percentage of 29.7% (above prior year's 22.3%) and VIP win percentage of 2.97%.
• Las Vegas Operations — Includes Wynn Las Vegas and Encore at Wynn Las Vegas; Q2 2026 revenue was $643.2 million, up $4.6 million year-over-year; management noted a monthly record for Adjusted Property EBITDAR in May 2026.
• Wynn Macau (Macau) — The original Macau resort; Q2 2026 revenue was $351.1 million, up $7.3 million year-over-year; Adjusted Property EBITDAR declined slightly to $95.5 million, with mass market win percentage of 17.1% and VIP win percentage of 2.58%.
• Encore Boston Harbor — Integrated resort in Everett, Massachusetts; Q2 2026 revenue decreased $6.4 million year-over-year to an undisclosed amount; Adjusted Property EBITDAR declined $7.8 million.

Recent performance

For Q2 2026 (ended June 30, 2026), total operating revenues were $1.86 billion, up from $1.74 billion in Q2 2025. Net income attributable to Wynn Resorts was $140.1 million, up from $66.2 million, and diluted EPS was $1.32 versus $0.64. Adjusted Property EBITDAR was $568.3 million, up $15.9 million year-over-year. Full-year 2025 revenue was $7.14 billion with net income of $327.3 million and diluted EPS of $3.14. As of June 30, 2026, the company had $1.57 billion in cash, $9.30 billion in long-term debt, and negative shareholder equity of $169.5 million.

Strategy

Wynn focuses on designing, building, and regularly reinvesting in world-class integrated resorts, emphasizing luxury service and attracting premium guests domestically and internationally. The company leverages an in-house design and construction subsidiary and internationally located marketing teams. It continues to seek new development opportunities globally, with the primary current project being Wynn Al Marjan Island in the UAE. Management also maintains a shareholder return program, having declared a $0.25 per share dividend in August 2026.

Risks

• Macau concentration and economic sensitivity — A significant portion of revenue comes from Macau, and demand is sensitive to the economic conditions of the PRC, Hong Kong, and Taiwan, as well as changes in discretionary consumer spending.
• Gaming regulation and compliance — Extensive gaming regulation, potential investigations, and the need to maintain licenses and concessions could impose costs or restrict operations.
• Geopolitical and security events — International relations, terrorist attacks, public incidents, or natural disasters could reduce visitor numbers and spending at its resorts.
• High leverage and negative equity — As of June 30, 2026, long-term debt was $9.30 billion against total assets of $13.16 billion, and shareholder equity was negative $169.5 million, which could heighten sensitivity to interest rates and debt service obligations.

Outlook

Management expects Wynn Al Marjan Island to open in September 2027, earlier than the previously stated 2027, with construction progressing rapidly. The company sees continued healthy demand dynamics, citing strong performance in Macau and a record month in Las Vegas. Forward-looking statements acknowledge uncertainties, but the focus remains on growing and diversifying the business.