While MGM Resorts International and Caesars Entertainment results have been impacted by a decline in Las Vegas visitation, Wynn Resorts reported record adjusted earnings on the Strip, buoyed by its base of higher-end customers. The operator also touted 2026 as a record for its convention business.
During the second quarter, operating revenues in Las Vegas were $638.6 million, an increase of $10 million from $628.7 million for the second quarter of 2024. Adjusted property EBITDAR was $234.8 million compared to $230.3 million for the second quarter of 2024.
“Wynn Las Vegas continues to be an outstanding performer on the Strip,” CEO Craig Billings told Wall Street analysts during a conference call. “We were pleased that EBITDAR grew to a second-quarter record, up 2% year-over-year to nearly $235 million. Adjusting for hold, the number would have been even higher at $246 million. Demand was healthy throughout the quarter, with impressive increases in both drop and handle, driving a 14.5% increase in total casino revenue, a reflection of our ability to continue to take gaming market share.”
Billings said Wynn Las Vegas grew revenue per room by more than 1% and enjoyed continued strength in retail.
More recently, the business in July saw continued momentum in the casino, with both drop and handle up compared to July 2024, while retail was strong too, Billings said. The hotel business had strong weekends, though softer midweek. In response, Wynn prioritized keeping midweek rates elevated over occupancy consistent with its premium positioning, then made operational adjustments tied to that, Billings said.
“Looking ahead, while macroeconomic uncertainty, including tariffs, remains a consideration, we remain positive about the business in Las Vegas,” Billings said. “We saw the forward-looking pace accelerate as July progressed and room and convention business looks strong heading into the fourth quarter and 2026. And 2026 is shaping up to be a record year for us for group room nights and revenues.”
Since the first-quarter earnings call when Wynn announced it was putting off room renovations in Las Vegas, Billings said they revised their sourcing and procurement plan for the Encore Tower and now expect to kick off that work in the spring, with minor disruptions during the renovation.
Billings said Macau delivered solid results, though they were impacted by lower than normal VIP hold that cost them about $13 million. They logged a steady April and strong June, offset by a more subdued May, he noted.
Volumes accelerated in July, a “standout month” despite weather disruption, with drop up year-over-year and over June.
“The premium segment continues to lead the market in Macau,” Billings said. “To further enhance our premium positioning, we recently initiated two key capital projects – the expansion of the Chairman’s Club gaming area at Wynn Palace and a refresh of our Wynn Tower rooms at Wynn Macau. While we expect some minor disruptions at the end of the year from these projects, once they’re complete, we expect to further elevate our offerings at both properties.”
After the opening statements, one Wall Street analyst noted that Wynn outperformed the rest of the market by a wide margin and asked Billings about his expectations for the third and fourth quarter.
“Being at the luxury end of the market helps,” Billings said. “Premium is the most resilient of the customer base. We spent three-plus years doing everything we can to make sure that the building is in tip-top shape, that we’re programming the building appropriately, and that we’re driving the gaming business and taking gaming share. We’ve grown a couple hundred basis points over that period.”
Chief Operating Officer Brian Gulbrants said the booking pace continues to look “quite good and July had some of the best bookings we’ve seen all year. We’re very bullish about the fourth quarter.”
Billings said the lull in Las Vegas over the summer has been well publicized and that was the case for Wynn during the midweek. Other competitors said the booking pace accelerated in July as well, so that’s nothing new for the market, he added.
Gulbrants told analysts that the Formula One race in Las Vegas the week before Thanksgiving “is pacing well,” along with the fourth quarter as a whole.
“F1 is much improved over last year. We’re seeing that through early corporate bookings and we’re maintaining our rates, unlike some of our competitors,” Gulbrants said. “The strength of the brand and what we do allow us to do that.”
Billings told one analyst that Wynn is not the “best barometer” of Las Vegas at large, but is the best barometer of the portion at the higher end. The operator isn’t about how many people are in the building, but about ‘who’s in the building – very particular people,” Billings said. “Over the course of the second quarter and into July, casino volumes have been very good and that’s always going to be disproportionately high end. We’ve haven’t seen any diminishment of the willingness to spend at the tables and slots. We’ve been able to hold rate, a good indicator of demand for what we offer, and we’ve been able to do that in a market where rates have dropped. That’s a testament to where we are. We’ll see how things play out from a macroeconomic perspective, but right now, we’re feeling good.”
