Wynn misses Q3 profit estimates, revenue falls short

Wynn Resorts (WYNN) cut third-quarter adjusted earnings to 33 cents per share, below the 72 cents consensus, and revenue fell to $1.69 billion, below the $1.8 billion estimate.

Shares rose 1.5% at 9:36 a.m. ET, from a $79.32 close.

Here's how the company did:

• Adjusted EPS: 33 cents vs. 86 cents a year earlier, against 72 cents expected
• Revenue: $1.69 billion vs. $1.83 billion a year earlier, against $1.8 billion expected
• Net income attributable to Wynn Resorts: $17.3 million, or 17 cents per diluted share, vs. $88.3 million, or 85 cents, a year earlier
• Adjusted Property EBITDAR: $464.2 million vs. $570.1 million a year earlier

Revenue decreased $144.7 million from the third quarter of 2025, and net income attributable to Wynn Resorts fell by most of that gap. Net income had risen in each of the last three quarters before this one, from $88.3 million in the third quarter of 2025 to $140.1 million in the second quarter of 2026.

CEO Craig Billings said "Wynn Las Vegas was also negatively impacted by a hold rate outside of our expected range."

Property results

Wynn Palace operating revenues were $583.8 million, down $51.7 million from $635.5 million a year earlier.

Wynn Macau revenue was $335.4 million, down $30.1 million from $365.5 million. Las Vegas Operations revenue was $575.2 million, down $45.8 million from $621.0 million.

Table games win at Las Vegas Operations was 18.9%, below the property's expected range of 22% to 26%.

Encore Boston Harbor revenue was $194.7 million, down $17.1 million from $211.8 million.

Cash, debt and buybacks

Cash and cash equivalents were $1.64 billion at September 30, excluding $150.2 million of short-term investments held by Wynn Macau, Limited. Total debt was $10.73 billion.

In September, Wynn Resorts Finance and its subsidiary Wynn Resorts Capital Corp. issued $900.0 million of 6.875% senior notes due 2035. The company used the proceeds, with cash on hand, to redeem in full $900.0 million of Wynn Las Vegas 5.250% senior notes due 2027.

The company repurchased 627,475 shares at an average price of $92.61, for $58.1 million. It had $268.0 million of repurchase authority remaining at September 30.

The board declared a cash dividend of $0.25 per share, payable November 30, 2026 to stockholders of record as of November 16, 2026.

Wynn Al Marjan Island

The company contributed $62.2 million of cash in the quarter to the 40%-owned joint venture building Wynn Al Marjan Island in the UAE. Life-to-date contributions to the project total $1.12 billion.

Wynn Al Marjan Island is currently expected to open in September 2027.