Wynn Resorts' Q3 net income falls 80% to $17.3M as UAE project spending reaches $1.12bn

Wynn Resorts posted an 80% drop in third-quarter net income attributable to the company, to $17.3 million from $88.3 million a year earlier. Diluted earnings per share fell to 17 cents from 85 cents. Revenue for the three months to 30 September declined 7.9% to $1.69 billion, and adjusted property EBITDAR decreased 18.6% to $464.2 million.

In Las Vegas, revenue was $575.2 million, down 7.4%, while adjusted property EBITDAR fell 21.9% to $158.8 million. The table-games win rate was 18.9% of wagers, under the company's expected range of 22% to 26% and the 23% it recorded a year before. Hotel occupancy slipped to 85.5%, though the average daily room rate rose 3.4% to $522.

Macau revenue fell at both resorts. Wynn Palace generated $583.8 million, down 8.1%, with adjusted property EBITDAR of $165.8 million. Wynn Macau revenue slid 8.2% to $335.4 million, and its adjusted property EBITDAR dropped 17.1% to $89.5 million. Occupancy stayed above 99% at both. VIP turnover at Wynn Palace fell 14.3% to $2.79 billion, while at Wynn Macau it dropped 53.9% to $470.4 million. Both VIP win rates exceeded expected ranges, and the mass-market table-games win rate at Wynn Macau declined to 17.1% from 18.7%.

Encore Boston Harbor reported revenue of $194.7 million, down 8.1%, and adjusted property EBITDAR of $50.1 million, down 14.1%. A strike began at the resort in early September. CEO Craig Billings said the team managed well through the action and kept the property open to guests.

Wynn is developing Wynn Al Marjan Island in the United Arab Emirates through a joint venture in which it holds 40%. It contributed $62.2 million during the quarter, bringing its cumulative cash contribution to $1.12 billion. Interior fit-out, including guest rooms, is under way ahead of the planned September 2027 opening. It will be the company's first resort in the country.

For the first nine months of 2026, group revenue rose 2.5% to $5.40 billion and net income attributable to Wynn increased to $277.8 million from $227.3 million. Adjusted property EBITDAR fell 3.6% to $1.59 billion. At the end of September, Wynn held $1.64 billion in cash and equivalents and total debt of $10.73 billion. In September it issued $900 million of 6.875% notes due 2035 and used the proceeds, with cash, to repay $900 million of 5.25% notes due 2027.