Craig Billings, chief executive officer of Wynn Resorts, announced Thursday that the company had reached a framework on a contract to settle the strike at its Encore Boston Harbor, describing the work stoppage as a modest headwind.
The walkout began on September 4 after collective-bargaining agreements expired on August 31, with about 1,350 union employees taking to the picket line. Workers were seeking wage increases in line with unionized downtown Boston hotels.
Other demands included protection of existing healthcare and benefit packages and stronger job security and guaranteed hours. Billings did not release any details of the contract.
“I’m pleased to announce that we were recently able to reach a framework for a resolution with union leadership that is both fair and economically feasible over the long-term,” Billings said, “Union leadership has recommended that agreement to its members.”
The ratification vote was being held late Thursday, Billings told analysts during the company’s third-quarter earnings call.
“The history of ratification votes by unions is such that agreements are generally ratified,” said Billings. “What I would say is that we are very happy with where we landed. We’ll turn that into numbers on the next call.”
Operating revenue from Encore Boston Harbor was $194.7 million for the third quarter of 2026, a decrease of $17.1 million from $211.8 million for the same period last year. Table-games win percentage for the third quarter of 2026 was 18.9%, within the property’s expected range of 18% to 22% and below the 20.5% experienced in the third quarter of 2025.
Billings confirmed the property faces some gaming-related pressures, but disagreed that those pressures made Encore Boston Harbor a diminished asset on a go-forward basis.
“We invested $2.6 billion and turned a contaminated site where people used to hang their laundry outside across the street and ended up with holes in their clothes from all the chemicals into 3,000 jobs and more than $1.1 billion in tax revenues,” Billings said.
He said there are many regional gaming markets in the U.S. that are dealing with the persistent threat from igaming and in Massachusetts it’s historical horse racing.
“Frankly, with direct competition even from the lottery there,” he said, “it’s ridiculous. So that isn’t sustainable. I don’t see it as a diminished asset by any means. It’s a beautiful asset that turns out a meaningful amount of EBITDA.”
Billing said his recent editorial in the Boston Globe was about speaking up loudly, so that “paper cuts don’t become knit wounds.”
Last month, Billings warned gaming regulators and lawmakers that they can’t continue to expand gambling and expect casinos to continue to thrive.
Wynn Al Marjan Island
During the third quarter, Wynn contributed $62.2 million of cash to the 40% owned joint venture that is building the Wynn Al Marjan Island development in the United Arab Emirates (UAE). So far, Wynn has contributed $1.12 billion to the project.
Wynn Al Marjan Island is scheduled to open on September 27, 2027. Billings told analysts that all the costs of the project are substantially locked in and construction continues to move quickly, with finishing work underway throughout the property.
“We acknowledge the uncertainty in the region,” Billings said. “But as I’ve said before, we are firm believers in the resilience and adaptability of the UAE.”
In terms of the next steps over the next nine to 10 months, Billings said they’re handing over the building to operations in zones, with the initial zones being turned over in the new year. He confirmed that hiring is well underway, with employee training happening in the three months leading up to the opening.
As of September, Wynn Al Marjan Island has hired 442 employees, consisting mostly of senior-level executives and senior management.
John DeCree, an analyst with CBRE, asked if once the project in the UAE is completed, are there other potential opportunities internationally or even in the U.S., maybe some place like Texas, following Tuesday’s midterm elections?
“If the UAE opens, as we expect, and the election also influenced the course of the conflict in the region, that’s great,” Billings said. “If it opens the way we believe it’ll open, then we have a land bank there and we should think about how we’re going to use that land bank, because there are significant returns to be earned there.”
In Las Vegas, Wynn owns a piece of property across the street from the Wynn and Encore. Billings said they’re considering what relationship that property might have to its existing assets and how they might build at a lower all-in dollar cost than a freestanding integrated resort.
“We started to think about that,” Billings said.
In total, Wynn’s land bank includes 166 acres in Las Vegas, 16 acres in Boston, 13 acres in Macau, and 70 acres in the UAE.
“Elsewhere in the U.S., Texas is a fascinating market that is very large today,” Billings said. “Much of that business makes its way across the border into Oklahoma and ends up in nothing that gets publicly reported.”
Billing said Wynn would consider opportunities in Texas. Beyond that, the regional gaming market in the U.S. is tough, due to the number of high-growth markets, the risk of online gaming, and potential cannibalization from online gaming.
“We’re very thoughtful about how we would deploy capital elsewhere in the U.S.,” he said.
