Wynn Resorts reported year-over-year gains in operating revenue, net income, and adjusted property earnings in the first quarter, led by gains in Macau and Las Vegas.
Operating revenue was $1.86 billion for the first quarter, an increase of $156.4 million from $1.7 billion for the first quarter of 2025. Net income attributable to Wynn Resorts Limited was $120.5 million for the first quarter compared to $72.7 million for the first quarter of 2025.
Diluted net income per share was $1.04 for the first quarter compared to $0.69 for the first quarter of 2025. Adjusted property EBITDAR was $562.4 million for the first quarter compared to $532.9 million for the first quarter of 2025.
“Our first-quarter results reflect the strength of Wynn’s business across all of our markets,” said CEO of Craig Billings. “Las Vegas delivered another quarter of EBITDAR growth and continued to make gains in gaming market share. In Macau, we saw a meaningful increase in gaming volumes year-over-year alongside healthy market share, and we were pleased to increase the dividend from Wynn Macau Limited, a reflection of the strong free cash flow the business is generating.
“Construction on Wynn Al Marjan Island continues to progress, and we are closely monitoring the broader situation in the Gulf region, while taking additional precautions to ensure the safety and well-being of our team on the ground,” Billings said. “We also continued to return capital to shareholders through our regular quarterly dividend and the repurchase of $54 million of stock in the quarter.”
For the first quarter, operating revenue increased $123.4 million and $36.6 million at Wynn Palace and Las Vegas, respectively, and decreased $3.6 million at Encore Boston Harbor from the first quarter of 2025. Operating revenue at Wynn Macau for the first quarter of 2026 was in line with the first quarter of 2025.
For the first quarter of 2026, adjusted property EBITDAR increased $41.9 million and $9.1 million at Wynn Palace and Las Vegas, respectively, and decreased $14.6 million and $6.9 million at Wynn Macau and Encore Boston Harbor, respectively, from the first quarter of 2025.
Wynn Resorts also announced that its Board of Directors has declared a cash dividend of $0.25 per share, payable on May 29 to stockholders of record as of May 18.
Operating revenue from Wynn Palace was $659.3 million for the first quarter, an increase of $123.4 million from $535.9 million for the first quarter of 2025. Adjusted property EBITDAR from Wynn Palace was $203.8 million for the first quarter of 2026, compared to $161.9 million for the first quarter of 2025. Table games win percentage in mass market operations was 26.6%, above the 24.8% experienced in the first quarter of 2025. VIP table games win as a percentage of turnover was 3.1%, within the property’s expected range of 3.1% to 3.4% and above the 2.6% experienced in the first quarter of 2025.
Operating revenues from Wynn Macau was $329.9 million for the first quarter of 2026, in line with $330 million for the first quarter of 2025. Adjusted property EBITDAR from Wynn Macau was $75.6 million for the first quarter compared to $90.2 million for the first quarter of 2025. Table games win percentage in mass market operations was 15.1%, below the 18.7% experienced in the first quarter of 2025. VIP table games win as a percentage of turnover was 0.4%, below the property’s expected range of 3.1% to 3.4% and below the 1.1% experienced in the first quarter of 2025.
Operating revenue from the Las Vegas operations was $661.9 million for the first quarter of 2026, an increase of $36.6 million from $625.3 million for the first quarter of 2025. Adjusted property EBITDAR from Las Vegas for the first quarter was $232.5 million compared to $223.4 million for the first quarter of 2025. Table games win percentage for the first quarter of 2026 was 25.2%, within the property’s expected range of 22% to 26% and above the 24.3% experienced in the first quarter of 2025.
Operating revenue from Encore Boston Harbor was $205.7 million for the first quarter, a decrease of $3.6 million from $209.2 million for the first quarter of 2025. Adjusted property EBITDAR from Encore Boston Harbor for the first quarter was $50.5 million, compared to $57.5 million for the first quarter of 2025. Table games win percentage for the first quarter of 2026 was 20.2%, within the property’s expected range of 18% to 22% and slightly below the 20.5% experienced in the first quarter of 2025.
Total current and long-term debt outstanding on March 31 was $10.52 billion, comprising $5.76 billion of Macau-related debt, $877.2 million of Wynn Las Vegas debt, $3.28 billion of WRF debt, and $598.6 million of debt held by the retail joint venture.
During the first quarter, the company repurchased 528,667 shares of its common stock under its publicly announced equity-repurchase program 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 in repurchase authority remaining under the equity repurchase program.
