Wynn Resorts (WYNN) Q2 2026 earnings summary

Executive summary

• Operating revenues for Q2 2026 increased 6.9% year-over-year to $1.86 billion, driven by strong casino performance, especially at Wynn Palace, and robust results in Las Vegas and Macau.

• Net income attributable to shareholders more than doubled to $140.1 million for the quarter, with diluted EPS rising to $1.32 from $0.64 in Q2 2025.

• Adjusted Property EBITDAR for the quarter rose 2.9% to $568.3 million, with Las Vegas, Boston, and Macau delivering strong EBITDA and margin performance.

• Construction at Wynn Al Marjan Island in the UAE is progressing, with opening expected in September 2027 and a $600 million budget increase due to regional conflict and supply chain disruptions.

• Recognized as a global leader in luxury integrated resorts, with industry-leading facilities and service, and awarded more Forbes Travel Guide Five-Star Awards than any other independent hotel company in 2026.

Financial highlights

• Casino revenues for Q2 2026 were $1.18 billion, up 11.7% year-over-year, now representing 63.3% of total operating revenues.

• Las Vegas Adjusted Property EBITDAR reached $215.2 million (33.5% margin), Encore Boston Harbor $56.1 million (26.8% margin), and Macau $297 million (29.6% margin) in Q2 2026.

• Operating income for Q2 2026 was $297.6 million, up from $264.6 million year-over-year.

• Cash and cash equivalents as of June 30, 2026, totaled $1.57 billion, with $1.03 billion and $1.35 billion available under two revolving credit facilities.

• Total debt outstanding was $10.72 billion at quarter-end, with 81% at fixed rates.

Outlook and guidance

• Wynn Al Marjan Island is expected to open in September 2027, with an estimated $345 million of EBITDAR at steady state and confidence in market demand.

• Construction of The Enclave at Wynn Palace, a new all-suite hotel tower, is set to begin in H2 2026 with a budget of $900–$950 million and expected completion in 2.5 years.

• Project capital expenditures for Macau Operations are projected at $350–$400 million for 2026 and $750–$800 million for 2027.

• Capex cycle expected to taper off by 2027, with major projects completing and free cash flow generation increasing.

• No material domestic cash income taxes expected in 2026.