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Wynn Resorts reported higher first-quarter revenue and profit, supported by growth at Wynn Palace and its Las Vegas operations, while the company continued investment in its Wynn Al Marjan Island development in the United Arab Emirates.
Net income attributable to Wynn rose to $120.5 million in the first quarter from $72.7 million a year earlier. Diluted net income per share increased to $1.04 from $0.69. Adjusted net income attributable to Wynn Resorts was $129.7 million, or $1.25 per diluted share, compared with $113.1 million, or $1.07 per diluted share, in the first quarter of 2025.
Operating revenue increased by $156.4 million to $1.86 billion from $1.70 billion a year earlier. Adjusted Property EBITDAR rose to $562.4 million from $532.9 million.
Craig Billings, CEO of Wynn Resorts
Craig Billings, CEO of Wynn, said the company’s first-quarter results “reflect the strength of Wynn’s business across all of our markets,” with Las Vegas delivering another quarter of EBITDAR growth and continuing to gain gaming market share.
“In Macau, we saw a meaningful increase in gaming volumes year-over-year alongside healthy market share,” Billings said, adding that the company was pleased to increase the dividend from Wynn Macau, supported by the free cash flow generated by the business.
Billings said construction on Wynn Al Marjan Island continues to progress, while the company is monitoring the situation in the Gulf region and taking additional precautions for its team on the ground.
During the first quarter, the company contributed $100.1 million in cash to the 40%-owned joint venture developing Wynn Al Marjan Island, bringing life-to-date cash contributions to $1.01 billion. The project is currently expected to open in 2027, though the company said the $5 billion UAE casino resort, previously scheduled for spring 2027, will face a “modest delay” due to the conflict in the region.
“Construction has continued to progress, with over 22,000 workers on site,” Billings said. “The project team has been incredibly resilient. While we have faced logistical and shipping challenges, the deliveries have continued, and we are re-routing shipments and sourcing alternative materials where needed.”
Wynn Al Marjan Island construction
Wynn Palace recorded operating revenue of $659.3 million, up $123.4 million from $535.9 million in the first quarter of 2025. Adjusted Property EBITDAR increased to $203.8 million from $161.9 million. Mass market table games win percentage was 26.6%, above 24.8% a year earlier, while VIP table games win as a percentage of turnover was 3.11%, within the property’s expected range of 3.1% to 3.4%.
Las Vegas operations reported operating revenue of $661.9 million, an increase of $36.6 million from $625.3 million. Adjusted Property EBITDAR rose to $232.5 million from $223.4 million. Table games’ win percentage was 25.2%, within the property’s expected range of 22% to 26%.
At Wynn Macau, operating revenue was $329.9 million, in line with $330.0 million a year earlier. Adjusted Property EBITDAR declined to $75.6 million from $90.2 million. Mass market table games’ win percentage fell to 15.1% from 18.7%, while VIP table games’ win as a percentage of turnover was 0.39%, below the expected range of 3.1% to 3.4%.
Encore Boston Harbor reported operating revenue of $205.7 million, down $3.6 million from $209.2 million a year earlier. Adjusted Property EBITDAR declined to $50.5 million from $57.5 million. Table games’ win percentage was 20.2%, within the expected range of 18% to 22%.
As of March 31, Wynn Resorts reported cash and cash equivalents of $1.19 billion, excluding $607.6 million in short-term investments held by Wynn Macau, Limited. Total current and long-term debt stood at $10.52 billion, including $5.76 billion of Macau-related debt, $877.2 million of Wynn Las Vegas debt, $3.28 billion of Wynn Resorts Finance debt, and $598.6 million of debt held by the retail joint venture consolidated by the company.
During the quarter, Wynn Resorts repurchased 528,667 shares at an average price of $101.72 per share, for an aggregate cost of $53.8 million. As of March 31, the company had $401.1 million remaining under its equity repurchase program. Its Board of Directors also declared a cash dividend of $0.25 per share, payable on May 29, 2026, to stockholders of record as of May 18, 2026.