Wynn Resorts' third-quarter profit fell sharply as poor table hold in Las Vegas and weaker Macau trading cut revenue. The results echo the Las Vegas slowdown at MGM and Caesars, yet Wynn is still funding its UAE resort.
Wynn Resorts’ third quarter of 2026 showed the same Las Vegas softness already visible at its Strip rivals. Weaker Macau trading added to the pressure. Adjusted property EBITDAR slid to $464.2m from $570.1m a year earlier.
Three months earlier, the picture was different. Second-quarter operating revenues had risen by $119.1m to $1.86bn. Adjusted property EBITDAR reached $568.3m in that period.
Unfavourable hold and weaker Macau revenue drove the decline
Table luck turned against Wynn Las Vegas. The table games win rate was 18.9%, against 23.0% a year earlier. The Las Vegas Operations produced adjusted property EBITDAR of $158.8m, down from $203.4m. Unfavourable hold in Las Vegas cost the company just under $24m in the quarter.
Revenue declines were spread across the portfolio. Compared with the third quarter of 2025, Wynn Palace lost $51.7m of operating revenue. The Las Vegas Operations fell by $45.8m. Wynn Macau dropped $30.1m and Encore Boston Harbor $17.1m.
Macau weighed heavily on profits. At Wynn Macau Ltd, the group’s Macau subsidiary, third-quarter operating income fell 39.2% year on year to just under $108.3m. The wider market kept slowing after the quarter closed. In October 2026, the city’s casino gross gaming revenue fell 10.0% year on year to MOP21.68bn (US$2.68bn). Even so, work began during the quarter on The Enclave, a 432-key all-suite hotel tower beside the eastern entrance of Wynn Palace.
Chief executive Craig Billings said Wynn Las Vegas and the Macau properties saw healthy demand as market conditions slowed, and that Boston kept operating through an early-September strike. More than 1,300 Encore Boston Harbor workers walked out on 4 September 2026 after contract talks stalled.
The pattern is not unique to Wynn. At MGM Resorts, the Strip weakness came mainly from lower average daily rates, which reduced room revenue. Taken together, the reports from Wynn, MGM and Caesars are consistent with softer trading on the Strip. Wynn’s problem, however, was mainly table hold rather than room rates.
Wynn still found cash for shareholders. It bought back 627,475 shares at an average of $92.61 each, costing $58.1m. It had $268.0m of buyback authority left at 30 September 2026.
UAE equity bill narrows as Al Marjan build continues
Wynn has now put $1.12bn into Wynn Al Marjan Island, the UAE’s first licensed casino resort. In August, Wynn put its remaining equity commitment to the resort and the neighbouring Janu development at $525m to $650m, AGBrief reported. The lower range now quoted is consistent with further contributions to the project.
Debt is also funding the build. So far, $1.76bn has been drawn on the Al Marjan construction loan. The $600m budget increase announced in the second quarter adds about $240m to Wynn’s own share, based on its 40% stake.
The project matters well beyond Wynn’s own balance sheet. It is turning the Gulf into a new casino market that European suppliers and operators are watching closely. Slower trading in Las Vegas and Macau has not changed the timetable. Wynn Al Marjan Island remains on track to open in September 2027.
Source material
- Wynn Resorts, Limited Reports Third Quarter 2026 Results (Wynn Resorts)
- WYNN RESORTS LTD – Form 8-K – FY2026 (US Securities and Exchange Commission (Wynn Resorts filing))
- Wynn confirms September 2027 UAE resort opening, raises budget by $600M (AGBrief)
- Caesars Entertainment, Inc. Reports Third Quarter 2026 Results (Caesars Entertainment)
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