Wynn Resorts reported across-the-board gains in revenue, income, and adjusted earnings during the second quarter.
Operating revenue was $1.86 billion for the second quarter, an increase of $119.1 million over the $1.74 billion for the second quarter of 2025. Net income was $140.1 million for the second quarter compared to net income of $66.2 million for Q2 2025.
Diluted net income per share was $1.32 for the second compared to diluted net income per share of $0.64 for the second quarter of 2025. Adjusted property EBITDAR was $568.3 million for the second quarter compared to adjusted property EBITDAR of $552.4 million for the second quarter of 2025.
“Our second-quarter results, including a monthly record for adjusted property EBITDAR in Las Vegas in May and strong performance in Macau, reflect continued healthy demand dynamics throughout our business,” CEO Craig Billings said in a statement. “We continue to invest in both growing and diversifying our business with construction at Wynn Al Marjan Island progressing at a rapid pace. Wynn Resorts, alongside our partners in Ras Al Khaimah, are now pleased to announce that Wynn Al Marjan Island, the most exciting integrated resort to be developed in over a decade, will open its doors to guests in September 2027.”
During the second quarter of 2026, the company contributed $48.1 million of cash to the 40%-owned joint venture constructing the Wynn Al Marjan Island development in the UAE, bringing Wynn’s life-to-date cash contributions to the project to $1.06 billion.
For the second quarter of 2026, operating revenue increased $113.8 million, $7.3 million, and $4.6 million at Wynn Palace, Wynn Macau, and the Las Vegas operations, respectively, and decreased $6.4 million at Encore Boston Harbor from the second quarter of 2025.
Adjusted property EBITDAR increased $44.3 million at Wynn Palace and decreased $19.6 million, $7.8 million, and $1 million at the Las Vegas operations, Encore Boston Harbor, and Wynn Macau, respectively, from the second quarter of 2025.
Operating revenue from Wynn Palace was $653.4 million for the second quarter, an increase of $113.8 million from $539.6 million over Q2 2025. Adjusted property EBITDAR from Wynn Palace was $201.5 million for the second quarter compared to $157.2 million. Table games win percentage in mass-market operations was 29.7%, above the 22.3% experienced in the second quarter of 2025. VIP table games win as a percentage of turnover was 2.97%, below the property’s expected range of 3.1% to 3.4% and above the 2.86% experienced in the second quarter of 2025.
Operating revenue from Wynn Macau was $351.1 million for the second quarter of 2026, an increase of $7.3 million from $343.8 million for the second quarter of 2025. Adjusted property EBITDAR from Wynn Macau was $95.5 million for the second quarter compared to $96.5 million for the second quarter of 2025. Table games win percentage in mass market operations was 17.1%, below the 17.4% experienced in the second quarter of 2025. VIP table games win as a percentage of turnover was 2.6%, below the property’s expected range of 3.1% to 3.4% and below the 3.4% experienced in the second quarter of 2025.
Operating revenue from the Las Vegas operations was $643.2 million for the second quarter of 2026, an increase of $4.6 million from $638.6 million for the second quarter of 2025. Adjusted property EBITDAR for the second quarter of 2026 was $215.2 million, compared to $234.8 million for the second quarter of 2025. Table games win percentage for the second quarter of 2026 was 23.9%, within the property’s expected range of 22% to 26% and above the 21.8% experienced in the second quarter of 2025.
Operating revenue from Encore Boston Harbor was $209.3 million for the second quarter, a decrease of $6.4 million from $215.7 million 2025. Adjusted property EBITDAR for the second quarter was $56.1 million, compared to $63.9 million for the second quarter of 2025. Table games win percentage for the second quarter of 2026 was 18.1%, within the property’s expected range of 18% to 22% and below the 21.3% experienced in the second quarter of 2025.
The cash equivalents as of June 30 totaled $1.57 billion, excluding $527.4 million of short-term investments held by Wynn Macau. Total current and long-term debt outstanding on June 30 was $10.72 billion, comprising $5.76 billion of Macau-related debt, $877.8 million of Wynn Las Vegas debt, $3.49 billion of WRF debt, and $598.9 million of debt held by the retail joint venture.
Wynn’s Board of Directors declared a cash dividend of $0.25 per share, payable on August 28 to stockholders of record as of August 14.
During the second quarter, the company repurchased 741,098 shares of its common stock under its publicly announced equity-repurchase program at an average price of $101.20 per share for an aggregate cost of $75 million. As of June 30, the company had $326.1 million in repurchase authority remaining under the equity repurchase program.
