Wynn Resorts Q2 2026 Earnings Report

Wynn Resorts EPS Results

• Actual EPS: $1.24
• Consensus EPS: $0.99
• Beat/Miss: Beat by +$0.25
• One Year Ago EPS: $1.09

Wynn Resorts Revenue Results

• Actual Revenue: $1.86 billion
• Expected Revenue: $1.83 billion
• Beat/Miss: Beat by +$24.65 million
• YoY Revenue Growth: +6.90%

Wynn Resorts Announcement Details

• Quarter: Q2 2026
• Date: 8/4/2026
• Time: After Market Closes
• Conference Call Date: Tuesday, August 4, 2026
• Conference Call Time: 4:30PM ET

Wynn Resorts (NASDAQ:WYNN) (NASDAQ: WYNN) is a global developer and operator of luxury resorts and casinos, renowned for its premium hospitality offerings and integrated entertainment experiences. The company specializes in high-end hotel accommodations, gaming operations, fine dining restaurants, retail outlets, meeting and convention spaces, and live entertainment venues. Its properties are designed to cater to both leisure and business travelers seeking upscale environments and world-class service.

Founded in 2002 by hospitality entrepreneur Steve Wynn, the company opened its flagship property, Wynn Las Vegas, on the Las Vegas Strip in 2005, followed by Encore Las Vegas in 2008. Building on its success in Nevada, Wynn Resorts expanded internationally in 2006 with the opening of Wynn Macau, marking its entry into Asia’s rapidly growing gaming market. In 2016, the company further enhanced its Asian footprint with the launch of Wynn Palace in Cotai, Macau, featuring a blend of traditional Chinese design elements and modern luxury.

In the United States, Wynn Resorts extended its portfolio with Encore Boston Harbor, which debuted in 2019 on the Mystic River in Massachusetts. This property integrates gaming, entertainment, hotel suites, and a variety of dining and retail offerings to serve the New England market. Across its global resorts, the company emphasizes architectural innovation, attention to detail in guest services, and partnerships with celebrated chefs, fashion brands, and artists to curate distinctive on-site experiences.

Leadership at Wynn Resorts includes Craig Billings, who has served as President and Chief Executive Officer since 2018. Under his guidance, the company has focused on operational efficiency, expansion of non-gaming amenities, and responsible gaming practices. Wynn Resorts maintains a commitment to community engagement and environmental stewardship, pursuing sustainability initiatives such as water conservation, renewable energy use, and charitable contributions in the regions where it operates.

Wynn Resorts Q2 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Las Vegas and Boston delivered solid operating results. Wynn Las Vegas generated $215 million of EBITDA, with casino revenue up 5%, RevPAR up 3%, and retail lease revenue up 8%, while Encore Boston Harbor produced $56 million of EBITDAR and record second-quarter RevPAR and hotel revenue.
• Positive Sentiment: Macau performance benefited from stronger volumes and mass-market demand. Mass drop increased 5% in the quarter, and management said rolling volumes and mass drop began recovering in late July and early August after World Cup-related weakness.
• Negative Sentiment: Wynn Al Marjan Island’s opening was delayed to September 2027, and its total project budget increased by approximately $600 million. Management attributed roughly half of the increase to regional-conflict-related supply-chain and shipping disruptions, with the remainder tied to project remeasurement, coordination, and other costs.
• Positive Sentiment: The company is advancing growth investments in Macau, including the 432-suite Enclave hotel tower and a new event center and theater at Wynn Palace. Construction on both projects is expected to begin soon, with completion targeted for 2028 and 2029, respectively.
• Positive Sentiment: Strong liquidity supports continued shareholder returns and development spending. Wynn reported approximately $4 billion of global cash and revolver availability, approved a $150 million Wynn Macau dividend, declared a $0.25-per-share Wynn Resorts dividend, and repurchased $75 million of stock during the quarter.

Presentation

[Craig Fullalove, CFO at Wynn Resorts]

Good afternoon, everyone. On the call with me today are Craig Billings and Brian Gullbrants in Las Vegas. Also on the line are Julie Cameron-Doe, Linda Chen, and Frederic Luvisutto. Please note that we published a presentation to provide more color on the company and recent performance ahead of this call. You can find the presentation on our investor relations website. I want to remind you that we may make forward-looking statements under safe harbor federal securities laws, and those statements may or may not come true. I will now turn the call over to Craig Billings.

[Craig Billings, CEO at Wynn Resorts]

Thanks, Craig. Good afternoon, everyone, and as always, thank you for joining us. I'm going to jump right into the quarter, starting here in Las Vegas. Wynn Las Vegas delivered $215 million of EBITDA in the quarter, with particular strength in May. Adjusting for the hold, the property would have produced $219 million of EBITDA. We saw impressive increases in both drop and handle, driving a 5% increase in total casino revenues. We were also pleased to grow RevPAR by 3% and saw retail lease revenue up 8% during the quarter. More recently, the business has seen solid volumes and increases in both slot revenues and RevPAR, though we experienced unusually low hold in the month of July. Looking ahead, we remain positive about the business in Las Vegas.

[Craig Billings, CEO at Wynn Resorts]

We are currently on track for another strong F1 weekend and pacing ahead of last year in our transient and leisure business for that event. On the group and convention side, we saw the forward booking pace accelerate as July progressed, the business looks strong heading into both Q4 and 2027. Turning to Boston, Encore Boston Harbor generated $56 million of EBITDAR, with the second quarter setting records for both two Q RevPAR and two Q hotel revenue. Slots also remained an area of strength, with revenues up 1%. More recently, demand in Boston has remained healthy, with slot handle running slightly ahead of last year. In Macau, the team delivered particularly solid results in the quarter. The business generated $306 million in VIP normalized EBITDA, with unfavorable VIP hold negatively impacting us by nearly $9 million. Volumes were up nicely in the quarter, with mass drop up 5%.

[Craig Billings, CEO at Wynn Resorts]

So far, in the third quarter, rolling volumes and mass drop were down slightly year-on-year as we absorbed the now well-publicized impact of the World Cup, coupled with usual seasonality. We saw drop pickup in the back half of July as the region entered the summer holiday season, and those improving trends continued into early August. Last quarter, we announced The Enclave, a new 432 all-suite hotel, and expect to commence construction on that tower before the end of the year. This quarter, I'm pleased to announce that we will also begin construction on our long-planned and previously announced event center and theater at Wynn Palace in the coming weeks after receiving our revised land contract from the government in July. The event center and theater are expected to be completed in 2028, and The Enclave is expected to be open in 2029.

[Craig Billings, CEO at Wynn Resorts]

Taken together, these projects reflect a clear and confident investment in the future of the Macau market and our commitment to support its diversification efforts. Shifting to Wynn Al Marjan Island, construction is progressing rapidly. We are now actively progressing through the interior fit out of the hotel rooms with mechanical, electrical, and finishing work all moving along in sequence. In addition to construction, pre-opening hiring and operations planning are advancing very well. As development of Wynn Al Marjan Island progresses, regional conflict-related disruptions initially impacted global supply chains and continue to impact the shipping insurance markets. This has required certain materials and equipment to be resourced, rerouted, or expedited to ensure the project's construction timeline. In addition, we experienced certain other disruptions associated with the movement of staff and consultants and other non-recurring issues. These disruptions have impacted both the timing and cost of the project.

[Craig Billings, CEO at Wynn Resorts]

On timing, we now expect the project to open its doors to the public in September 2027. With respect to budget, we are increasing the total project budget for Wynn Al Marjan Island by approximately $600 million. Of that, approximately half is directly attributable to disruption from the regional conflict. Material cost increases, shipping cost increases, and the pre-opening and capitalized interest costs associated with the extended construction timeline it created. The remaining portion reflects remeasurement, trade coordination, and other costs you'd expect on a project of this scale and duration, independent of anything happening in the region. I traveled to the UAE in June and saw the progress firsthand. The site, the team, and the surrounding market. My flights were full and day-to-day activity in Dubai was healthy.

[Craig Billings, CEO at Wynn Resorts]

What we are building in the region is one of a kind, and the quality of work on site is truly extraordinary. We continue to believe this will be the most exciting integrated resort opening globally in over a decade, and we remain as committed to and confident in the UAE as ever. I'll now hand it over to Craig Fullalove to run through some additional details on the quarter.

[Craig Fullalove, CFO at Wynn Resorts]

Thank you, Craig, and good afternoon again. Let me walk you through the financials for the quarter, starting here in Las Vegas. Wynn Las Vegas generated $215.2 million of adjusted property EBITDA on $643.2 million of operating revenue for a 33.5% margin. Unfavorable hold was a modest headwind, costing us just over $3.6 million in the quarter. On the cost side, OpEx, excluding gaming tax, ran at $4.5 million per day, up 6.2% year-on-year. That increase reflects higher business volumes, some contractual wage increases, and our continued investment in the types of offerings that matter most to our premium customers. The openings of Zero Bond and Casa Playa last quarter, as well as PISCES, which opened only midway through Q2 of last year.

[Craig Fullalove, CFO at Wynn Resorts]

We believe the best way to earn and retain the highest value customers in Las Vegas is to continually raise the bar on what we offer them. That's what you're seeing in those numbers. Over to Boston, Encore delivered $56.1 million of adjusted property EBITDA on $209.3 million of revenue for a 26.8% margin. OpEx per day came in at $1.19 million, up just 2.9% versus the second quarter of last year. That's despite real ongoing labor pressure in that market. The team in Boston is incredibly disciplined on costs and flow-through, and they continue to find smart efficiencies across the business while delivering a premium offering that is discernibly different from other properties in the region. Now, over to Macau. The team delivered $297 million of adjusted property EBITDA on $1 billion of operating revenue, a 29.6% margin.

[Craig Fullalove, CFO at Wynn Resorts]

VIP hold ran below our theoretical expectation this quarter, representing a negative impact of just over $8.6 million. On costs, OpEx, excluding gaming tax, was approximately $2.9 million per day, up 9% year-over-year, but flat quarter-over-quarter. Similar to Las Vegas, that increase is partially driven by deliberate additional investment in the premium customer experience, including the recently opened Chairman's Club expansion that completed last quarter, as well as normal course cost of living adjustments alongside variable costs associated with higher business volume seen across several of our segments in the quarter. On Macau CapEx, Craig touched on the recent approval for construction to commence on the event center and theater at Wynn Palace, both of which are key concession-related projects in Macau. In addition to our announcement of the Enclave Hotel Tower last quarter. We look forward to getting construction underway very soon.

[Craig Fullalove, CFO at Wynn Resorts]

Spend on these projects in 2026 will be limited to some piling and early development works. All in, we now expect our 2026 expansionary CapEx in Macau to land in the $350 million-$400 million range. Turning to the balance sheet, our liquidity position remains excellent. $4 billion of global cash and revolver availability as of June 30, split roughly as $2.3 billion in Macau and $1.7 billion in the U.S. That strong cash generation gives us the flexibility to keep returning meaningful capital to shareholders on both sides of the Pacific. On the Macau side, the Wynn Macau board approved a 2025 final dividend of $150 million, up from $124 million in the prior period, which was paid in the second quarter.

[Craig Fullalove, CFO at Wynn Resorts]

We continue to view the dividend there as the cornerstone of our capital return policy to shareholders and will continue to revisit that dividend level with the board over time. At the Wynn Resorts level, our board has approved a cash dividend of $0.25 per share, payable on August 28 to stockholders of record as of August 14. In terms of total CapEx for the quarter, we spent approximately $153 million, primarily related to the Encore Tower and spa remodels and the construction of the Cliff House Grill in Las Vegas, as well as the hotel refurbishment at Wynn Macau, which we completed at the end of the quarter, plus normal course maintenance across the business. Separately, we contributed $48.1 million of equity to the Wynn Al Marjan Island project during the quarter, bringing our cumulative contribution to just over $1.06 billion.

[Craig Fullalove, CFO at Wynn Resorts]

We've also continued drawing on the Marjan construction loan with $1.4 billion drawn to date. As Craig mentioned, we have increased the expected budget for Wynn Al Marjan Island, which at our 40% share, will equate to approximately $240 million of required equity. Our equity for the remainder of the project, including Janu, is expected to be approximately $525 million-$650 million. With that, we'll open the call up to Q&A.

[Operator]

Thank you. To ask a question, press star one on your touchtone phone, unmute your phone, and record your name clearly after the prompt, and I will introduce you for your question. Please limit yourself to one question and one follow-up question. To withdraw your question, press star two. Our first question will come from Shaun Kelley with Bank of America. Your line is open.

[Shaun Kelley, Analyst at Bank of America]

Hi, good afternoon, everyone, Thank you for taking my question. Craig, I wanted to start in the UAE, if we could. Obviously, some positive news on getting a hard date to work from. Could you just talk through a little bit of the strategic pros and cons? Obviously, still a bit of uncertainty in the region, but that does push us to more than a year from today. Obviously, on a day like today, it feels like perhaps there's some positive signs. Just anything that needs to happen further in the region, and flexibility around that date, or is this pretty hard and fast? Just help us think through what you were contemplating as you lay this date out and just how you thought about it. That'd be helpful.

[Craig Billings, CEO at Wynn Resorts]

Sure. Look, we talked a little bit about this on the last call when the UAE was absorbing really the heaviest bombardment of the war. Since then, the intensity directed specifically at the UAE has eased, even as the broader conflict has continued to play out. That's consistent with the point that I made in May. This is a country that absorbs pressure and keeps functioning rather than one that gets knocked off course by it. Look, I'm not going to tell you there's no risk, when we underwrote the project, again, I said this last time, we didn't underwrite a region with zero geopolitical risk. We underwrote a country with a demonstrated ability to manage through it.

[Craig Billings, CEO at Wynn Resorts]

If you look at what's been happening with Dubai Airport, where they've really, over the course of the past couple of months, have continued to grow flight capacity and kind of carry on. I can tell you on the ground there, consumer supply chains are normal and day-to-day life is pretty normal. You're talking about an opening that's well over a year out.

[Craig Billings, CEO at Wynn Resorts]

If the conflict is persisting at that point, I think we've got bigger problems from the perspective of the energy markets. We're planning pretty normal course. Construction's carrying on normal course, we're looking forward to opening the doors.

[Shaun Kelley, Analyst at Bank of America]

Great. Thanks for that. Then maybe to switch gears as a follow-up on Macau. I think the mass market table hold at Wynn Palace was exceptional this quarter, maybe one of the highest numbers we've ever seen. I know we typically probably don't hold normalize to that, but just kind of trying to think more about what's happening in the market. How is the maybe composition of customer changing between VIP and maybe the upper levels of premium mass and how sustainable is maybe either an elevated level of play or what you're doing to lean into a higher value guest there? Thanks.

[Craig Billings, CEO at Wynn Resorts]

Sure. Yeah, look, we tried to normalize for mass hold. We did that for a few quarters and nobody liked it. We reverted back to normalizing for VIP, particularly as the market became more mass-oriented. You're right, mass hold was at the higher end of the range. If you're asking if that's some type of broad trend based on side betting activity and other things like that, I think we've talked about that before, we certainly are seeing more of that activity on the floor. Really, we kind of just continue to stick to our knitting there. We're very focused on one particular customer type, and that happens to be the customer type that is driving the market at the moment, and we continue to double down. It's just really good management of the business there more than anything else.

[Shaun Kelley, Analyst at Bank of America]

Thank you very much.

[Craig Billings, CEO at Wynn Resorts]

Sure.

[Operator]

Thank you. Our next question comes from Dan Politzer with JPMorgan. Your line is open.

[Dan Politzer, Analyst at JPMorgan]

Hey, good afternoon, everyone. Thanks for the question. I wanted to go back to Wynn Al Marjan, but perhaps through a different approach. I guess, as you think about that September 2027 opening, how do you think about that timing, and why is that the right time? I guess, asked another way, if basically the property were ready to open today, would now be the right time? Are you underwriting a real significant improvement in terms of the operating environment there?

[Craig Billings, CEO at Wynn Resorts]

That's the point at which construction and punch will be done and ops has had sufficient handover on the building to actually operate it the way it should be operated.

[Dan Politzer, Analyst at JPMorgan]

Okay. In terms of Macau, I think you talked a little bit about an uptick post-World Cup. How much of that do you attribute to kind of a pent-up demand versus an event calendar? Any changes to the promotional environment? I guess, we're trying to drive out what's driving that incremental level of play.

[Craig Billings, CEO at Wynn Resorts]

Yeah, I think it's just a return to a more normal cadence. I think you've heard this from some of our peers in the industry. The World Cup occurred during a period that is already impacted by seasonality, frankly, in both markets, Vegas and Macau. In Macau, it happened to occur in the seasonal trough that generally follows Golden Week. I think a lot of what's being asked or has been asked on this particular topic is this the World Cup or is this normal seasonality stacked with the World Cup? I think disentangling the two with precision isn't something I think really anyone can do with great confidence. What I can tell you is what we're seeing now, and I mentioned it in my prepared remarks, we're starting to see the summer holidays emerge in the market.

[Craig Billings, CEO at Wynn Resorts]

We had solid results in the quarter that we just reported with $3.4 million in VIP normalized average EBITDA per day, rolling volumes and mass trough during the tournament itself picked back up in the back half of July, continuing into early August.

[Dan Politzer, Analyst at JPMorgan]

Got it. Thanks so much.

[Craig Billings, CEO at Wynn Resorts]

Sure.

[Operator]

Thank you. Our next question comes from Stephen Grambling with Morgan Stanley. Your line is open.

[Stephen Grambling, Analyst at Morgan Stanley]

Hey, thank you. Maybe turning back to Vegas. I know you gave some good detail on the cadence of the quarter. Curious how you think about the net impact from the World Cup, perhaps. Separately, can you just remind us, as we look at the renovations that are going on there, any impact? I know you've been able to mitigate that in the past, but how has that been trending versus your expectations?

[Craig Billings, CEO at Wynn Resorts]

Sure. On the World Cup side, it was obviously less pronounced here in Vegas. Hard to say if it had an impact or not. Again, what I can tell you is in July, we had solid drop, very low hold, but solid drop. RevPAR grew nicely in July as we exited the tournament. On the Encore renovations, the way we tend to look at that is on the peak days when we could have sold those rooms, what was our foregone revenue? It's probably the best way to think about it. On the non-peak days when you weren't at that occupancy level anyway, it really didn't matter. I would expect the absence of that inventory on those peak dates to cost us something like $2 million-$4 million in revenue per quarter through the first half of next year.

[Stephen Grambling, Analyst at Morgan Stanley]

Got it. That's helpful. Maybe one follow-up in Macau. As the Chairman's Club has ramped, is this driving incremental customers, or is it just increased play from existing customers?

[Craig Billings, CEO at Wynn Resorts]

Chairman's Club is actually still ramping. It's only been open several months now, so we're still in the process of ramping it. It is designed to do both. It's also designed to increase dwell time, which obviously has a positive impact on hold.

[Stephen Grambling, Analyst at Morgan Stanley]

Fair enough. Thank you.

[Craig Billings, CEO at Wynn Resorts]

Sure.

[Operator]

Thank you. Our next question comes from Lizzie Dove with Goldman Sachs. Your line is open.

[Lizzie Dove, Analyst at Goldman Sachs]

Hi. Thanks for taking the question. I guess going back to Wynn Al Marjan and the September opening, I'm curious, super high level, how we should think about the cadence of the ramp there. I think you've said in the past you don't do soft launches, but just curious with the timing of the peak season there, how you're thinking, very high level again, not expecting guidance, but of scaling revenue and EBITDA and whether this is phased or not.

[Craig Billings, CEO at Wynn Resorts]

Yeah. I think it's important to put the regional conflict to the side, because obviously we don't control that. If you think about the middle of September, end of September, something like that, you're really talking about entry into the beginning of the peak season there. You're right, we generally don't do phased openings. What I can tell you is that we would open the doors and open all the amenities exactly as we would any other particular opening. We don't do hoarding. That would be the plan. As I mentioned on the last call, we continue to believe very strongly in the market, very strongly in the opportunity, and stand by the projections that we put out for the project.

[Lizzie Dove, Analyst at Goldman Sachs]

Got it. Makes sense. I guess now, you have this confidence of putting this date out. I know at the Investor Day, there'd been a topic of just hopefully having some of the other hotel development in Ras Al Khaimah kind of up and running for then. I'm curious to the extent you have color on this, if you've heard whether these other projects are keeping pace with that and on a similar timeline.

[Craig Billings, CEO at Wynn Resorts]

Yeah, it's a bit of a mixed bag, actually. What I would remind you is the other thing that we talked about, pretty extensively actually, at that Investor Day, is the fact that we were underwriting our base case and our high case really on the back of our own room base. We had a long discussion about when we took a little flak for not increasing our numbers at the time, we had a long discussion about how we were going to rely very heavily on our own room base. That remains true to this day, and therefore we stand behind the numbers that we published.

[Lizzie Dove, Analyst at Goldman Sachs]

Great. Thank you.

[Craig Billings, CEO at Wynn Resorts]

Sure.

[Operator]

Thank you. Our next question comes from John DeCree with CBRE. Your line is open.

[John DeCree, Analyst at CBRE]

Hi, everyone. Thank you for taking my questions. Craig, maybe to build on Lizzie's question. We follow the Ras Al Khaimah tourism and metrics quite closely, and we're pleasantly surprised to see a record first half travel tourism to Ras Al Khaimah despite the regional conflict, and a lot of that was domestic demand. A, do you have any comments on, you were there in June, you said, in terms of demand, particularly domestic. Any views on how quickly international demands had recovered when there weren't travel advisories? Generally, to cap it off, how has your thinking evolved on your customer segmentation as we get through this? A lot of stuff has happened, a lot has changed. The world's very fluid, and I know the domestic demands during this last six months really surprised us.

[John DeCree, Analyst at CBRE]

How are you thinking about the demand pockets and customer segmentation when you open?

[Craig Billings, CEO at Wynn Resorts]

Yes. Thank you for the question. It's a good question. I think what you're really alluding to is which customer funnels are you really focused on at the point of opening? I think that's the right way to think about it, right? We've talked extensively about the fact that when this property opens, we expect a pretty robust, for lack of a better phrase, locals pipeline or regional pipeline. That is certainly the case, and that's what you're seeing driving Ras Al Khaimah's visitation today. We also expect a very healthy, more global pipeline of customers, which again, we talked extensively about at the Investor Day.

[Craig Billings, CEO at Wynn Resorts]

The real question is, if we fast-forward to September of 2027 and we're opening the doors, which of those customer funnels are we addressing in the near term, if not all of them, and which of those customer funnels are we addressing over time? I think it's fair to say, particularly for the core gaming product, given that we will be a monopoly, demand should exceed supply. It's just a question of where it's going to come from. That changes where you spend marketing dollars, that changes where you focus your hosts and their attention, but it doesn't change the core of what you're opening. Does that make sense?

[John DeCree, Analyst at CBRE]

It does. Yep, correct. I appreciate that.

[Craig Billings, CEO at Wynn Resorts]

That's the way I would think about it. I'll put it to you this way, in an elevator pitch version. We have a lot of levers to pull there, and it's a question of which levers we pull when based on the state of play as we open.

[John DeCree, Analyst at CBRE]

Understood. I think I packaged two and a half questions there for you, so I'll step into back of the queue. Thank you.

[Craig Billings, CEO at Wynn Resorts]

Okay. Thank you.

[Operator]

Thank you. Our next question comes from Robin Farley with UBS. Your line is open.

[Robin Farley, Analyst at UBS]

Great. Thanks. Craig, I wonder if you have any thoughts about some potential go-private transactions in Vegas and how you think that might change the competitive landscape or any aspect there. Curious for your thoughts.

[Craig Billings, CEO at Wynn Resorts]

I really don't. I read the same press reports that you do. I think, if that's calling out what we already view as undervaluation of the industry, that's the only point, really, that I would make. Beyond that, again, I read everything in the press just as you do.

[Robin Farley, Analyst at UBS]

No, I guess I was thinking more about if a lot more of your competitors in Vegas ultimately end up not being public companies. Do you think that's better, worse, or indifferent for Wynn Resorts?

[Craig Billings, CEO at Wynn Resorts]

Well, I think that ship sailed a long time ago, Robin. I think if you go back in time, you had a set of public companies that were all in land-based gaming that all own their own real estate. You had fragmentation of that simplified view of valuation kind of piece by piece over time. You had operators that moved into digital. You had operators that sold their real estate. You had operators that own their real estate, which has made the industry quite difficult to compare over the course of probably the past 10 years, which obviously, I think creates complications for investors and some on the sell side community. I think there's been a lack of comparability for quite some time. I don't think having a smaller set of public comparables makes it any more or less complicated.

[Robin Farley, Analyst at UBS]

Okay. All right, great. No, thank you for the thoughts. Maybe just a follow-up on Macau. I guess, how would you describe sort of the current competitive environment in Macau? It sounded like a quarter ago that you felt like it was extremely competitive, but stable. Some others have talked about investing more in both OpEx and CapEx. I'm just wondering how you feel the environment is today?

[Craig Billings, CEO at Wynn Resorts]

I think you described it well. It is a very competitive market. It has been stable, particularly with respect to the promotional environment and reinvestment. Our reinvestment has been relatively stable over the course of the past couple quarters. I think your description of it is accurate.

[Robin Farley, Analyst at UBS]

Okay, great. Thank you.

[Craig Billings, CEO at Wynn Resorts]

Sure.

[Operator]

Thank you. Our next question comes from Brandt Montour with Barclays. Your line is open.

[Brandt Montour, Analyst at Barclays]

Hi, everybody. Thanks for taking my questions. Maybe back to Vegas. I was hoping, Craig, you could give us a sense for how the Strip feels, just in sort of the April-May bucket versus the June-July bucket, specifically convention-heavy months versus leisure-heavy months. Some of your Strip peers for a year now have been sort of dealing with a tale of two Vegases. You guys have been pretty insulated from that, given your higher-end position. Just wondering if it still feels that way for you guys, sort of being insulated there and more stable from convention versus leisure?

[Craig Billings, CEO at Wynn Resorts]

Sure. I'll start. Then I'll ask Brian to weigh in as well. Certainly, as I mentioned in my prepared remarks, May was exceptionally strong. I think you also heard that from maybe one of our peers. Yeah, I guess only one of our peers in Vegas actually did a call. I think you heard that from one of our peers here in Vegas as well. That was the strongest month of the quarter. For us, you can see the numbers. You can see drop. You can see handle. You can see how we're doing. You can see how we're doing on RevPAR. We continue to feel fine. I think you're right. I think we service a very particular customer. That customer has held up extremely well. On the group side, group has actually been quite encouraging.

[Craig Billings, CEO at Wynn Resorts]

Brian, do you want to talk a little bit about group, which is really our best leading indicator?

[Brian Gullbrants, COO for North America at Wynn Resorts]

Thanks, Craig. Actually feeling good on group. Full year 2026 group pace remains ahead of 2025, so we're pacing well in both room nights and rates. Team's done a great job. 2027 is pacing nicely right where we should be for a solid 2027. We do see some competitors going out with all-inclusives and different things, highly promotional, but that's not really our core customer. I think it's helping the market, but we're sticking to what we do best.

[Brandt Montour, Analyst at Barclays]

Okay. Thanks for that. I appreciate that. Just to follow up on Macau, I'm going to ask Shaun's question in hopefully a slightly different way. The rolling chip volume drawdown year-over-year is just sort of too dramatic not to be curious about it. Obviously, we know World Cup had an outsized impact on those sort of super higher-end players, but you also gained share in mass drop. Just, I guess, more directly asking, are those two things linked in any way, or are those two sort of completely separate dynamics?

[Craig Billings, CEO at Wynn Resorts]

Sure. I think they're somewhat separate in the sense that it's driven by, obviously, the value of the customer. Separate to that, it's also driven by the type of reinvestment that that customer gets, That drives a lot of how that segmentation works. I think within VIP, we have seen some of that taper off a little bit, We're seeing that strength come back through on the mass side, That's obviously been encouraging for us overall. We're continuing to calibrate across those different segmentations. Within VIP, we think there's more we can do there for sure, We're going to continue to stay super focused on it and keep working towards it. We're really, really happy with what we're seeing on the mass side, both at Wynn Palace in particular, and then at Wynn Macau as well.

[Craig Billings, CEO at Wynn Resorts]

I would just add, don't forget the impact of credit and credit extension, we tend to be very, very prudent with credit.

[Brandt Montour, Analyst at Barclays]

Okay.

[Craig Billings, CEO at Wynn Resorts]

We and others in the market have longstanding relationships with particular customers who we extend credit to, that can tend to make those customers sticky, which is both beneficial and then also problematic if you're trying to take share. VIP is just much more of a individual business. Mass is mass. There's a lot more people, it tends to be a lot less lumpy.

[Brandt Montour, Analyst at Barclays]

Great. Thanks, everyone.

[Operator]

Thank you. Our next question comes from Chad Beynon with Macquarie. Your line is open.

[Chad Beynon, Analyst at Macquarie]

Afternoon, thanks for taking my question. Two for me. First, on the equity repurchase program, $75 million in the quarter, slightly up from what we saw in the first quarter, yet at a similar stock price. If your stock remains in this range here, is this still a good run rate given the additional capital needed for UAE, or should we think about maybe dialing that back as you focus more on funding?

[Craig Billings, CEO at Wynn Resorts]

It really depends, to be honest. As we talked about in the past, we repurchase using a price-based grid. We take all of our funding needs into account when we set that price-based grid, some quarters that grid hits, and some quarters it doesn't. What's important to us is decapitalizing over time. You've seen that. If you look in the investor deck, there's a cumulative total with respect to all the shares that we've bought back. I could give you a very simple answer to that question, but it wouldn't be intellectually honest. Instead, I'm giving you the intellectually honest one.

[Chad Beynon, Analyst at Macquarie]

Okay. Thank you. With respect to Las Vegas potentially getting an NBA franchise, I think there's been a number of potential stakeholders who are partnering up or expressing interest. How would Wynn see themselves either in a partnership with an individual using your land or just benefiting from more visitors coming to the city if this ends up landing? Thank you.

[Craig Billings, CEO at Wynn Resorts]

Sure. I think it falls into the latter category of the two things that you mentioned. I think we've talked about this on previous calls, if you think about the various sports teams that are resident in Vegas, you can think about leagues that tend to have a very, very high game count, so number of games every year. Those leagues tend to be more of locals teams. Then you can think about leagues, most notably the NFL, that have a very, very limited game count, and those games tend to occur on or around weekends. It is the latter category, the Raiders in particular, that are most beneficial, in my humble opinion, to the town because they drive visitation, and in particular to us, because they tend to drive premium visitation for a subset of the customers that go to those games.

[Craig Billings, CEO at Wynn Resorts]

The NBA kind of sits somewhere in between. We would love to see an NBA franchise in Las Vegas. We obviously want to be very supportive of whoever ends up, to the extent that it does happen with the NBA, ends up owning that franchise. We would play the same role that we play with the Raiders. We tend to get the premium end of visitation. We tend to get folks who are affiliated with the league and with the opposing teams when they're in town, and those are great customers, and they're good for our business.

[Chad Beynon, Analyst at Macquarie]

Thank you. Appreciate it.

[Craig Billings, CEO at Wynn Resorts]

Sure.

[Operator]

Thank you. Our next question comes from Steven Wieczynski with Stifel. Your line is open.

[Steven Wieczynski, Analyst at Stifel]

Yeah, hey, guys. Good afternoon. Craig, one more for the UAE. With the uptick in the budget now for the UAE, wondering how that or if it does change your return profile for that asset, meaning you've got a $600 million increase in budget and maybe more uncertainty around the geopolitical environment, even though you said we should kind of somewhat ignore that. Just wondering if there have been any material changes to the way you're underwriting that asset now.

[Craig Billings, CEO at Wynn Resorts]

To be super clear, I'm not suggesting you ignore. There's a conflict happening, and we completely acknowledge that there's a conflict happening. My point was that we don't control it, we can form our opening and operating plans accordingly, but we don't control that component. That was the point that I was trying to make. Obviously, the return profile will be impacted by an increase in budget. If you recall, our returns there are quite healthy, I don't think it changes the investment thesis for us one bit, we continue to see a lot of potential upside. I do think it's important to note that when you're managing a project of this scale and complexity, the calculus isn't really kind of spend more or don't.

[Craig Billings, CEO at Wynn Resorts]

We have thousands of workers on site, thousands of construction drawings in flight, specific trades mobilized in a precise sequence. Stopping or slowing that down has ramifications that are far more costly than absorbing the budget increase and keeping the project moving. What's important is to get it open and earning EBITDA. The return profile from our perspective still remains very, very strong.

[Steven Wieczynski, Analyst at Stifel]

Got you. Thanks for that. As we think about the start of the third quarter, you mentioned Vegas had difficult hold in July, sounds like drop there was fine or normal, whatever you want to think about it. Just wondering if you can help us quantify a little bit more, maybe how bad hold actually was we can get those assets in the right spot to start off the quarter. Thanks.

[Craig Billings, CEO at Wynn Resorts]

We'll talk to you about that on the next call. We don't get further into Q3 than what we've already disclosed.

[Steven Wieczynski, Analyst at Stifel]

Okay. Thanks, guys. Appreciate it.

[Craig Billings, CEO at Wynn Resorts]

Sure.

[Operator]

Thank you. Our next question comes from Barry Jonas with Truist Securities. Your line is open.

[Barry Jonas, Analyst at Truist Securities]

Hey, guys. Wanted to ask about Macau. What extent do you think about the next round of concession renewals as you're planning out long-term investments? Maybe just as a follow-up, can you remind us how much non-gaming spend you have left for your current concession investment obligations? Thank you.

[Craig Billings, CEO at Wynn Resorts]

Sure. I'll take the first portion, and then I'll ask Craig to take the second portion. First of all, we operate the business in Macau as a going concern because that's what it is. When we think about CapEx deployment, Enclave in particular, Wynn Palace runs full every night or really close to full every night. That's not a speculative bet for us. That's meeting demand that is there today that we are not meeting today. That's kind of very, very clear EBITDA. Beyond that, we committed as part of the concession renewal to implement a series of CapEx projects. We chose to be very entertainment-focused because we believe that's additive to the market and can drive the core business, and we're executing those projects now. Craig, do you want to cover the-

[Craig Fullalove, CFO at Wynn Resorts]

Yeah. Obviously, at a high level, as you would've heard before, we've already added recent additions like the Winter Luminarium and the new Gourmet Pavilion at Wynn Palace, which were part of the concession planning. Those open in 2024 and 2025. We've spoken previously about, we've just received the approvals on the event center and the theater, and those are obviously our anchor CapEx projects that Craig described. Overall, when we went into the concession, we effectively committed to $2.6 billion of overall non-gaming spend, of which $1.6 billion of that was CapEx and the rest was OpEx. Obviously, this is kind of the piece that's anchoring it, we're working through that right now. We're tracking really, really well.

[Craig Fullalove, CFO at Wynn Resorts]

With these new projects now coming online, which we've been dialoguing with the government over many, many years now on, and they're very aware of exactly where we are in the process in that regard. We're now able to move through those as well. We're excited to get the construction underway on all of it.

[Barry Jonas, Analyst at Truist Securities]

Great. Just for my follow-up, wanted to extend the promotional environment question to Las Vegas. Anything you're seeing there from competitors worth noting?

[Craig Billings, CEO at Wynn Resorts]

Not really. You've seen some new promotional forms. I think Brian alluded to them, and I think one of our peers alluded to them on their call. The all-inclusive stuff doesn't really impact our customer. At the upper end of gaming, which is where we tend to focus, it's always quite competitive, and we're used to that. We tend to compete on product and service, and not just straight reinvestment, but I don't see the market exhibiting anything other than normal behavior.

[Barry Jonas, Analyst at Truist Securities]

Great. Thank you.

[Craig Billings, CEO at Wynn Resorts]

Sure.

[Operator]

Thank you. Our next question comes from Trey Bowers with Wells Fargo. Your line is open.

[Analyst at Wells Fargo]

Hi, it's Zach filling in for Trey here. Thanks for taking our question. Just following up on the previous question on Macau CapEx. You're obviously investing pretty heavily in the non-gaming product, but just curious long-term how you're feeling about the amount of gaming product in the market or in your portfolio, and if you think it requires further investment for the market to grow.

[Craig Billings, CEO at Wynn Resorts]

Look, you're talking about a market that's, whatever, five times the Las Vegas Strip with a third of the hotel rooms. It's a very unique market dynamic. In that environment for us, what's it about? It's about getting the best heads in beds and getting the best customers in those rooms, which has really been our strategy from day one. Do we need a whole bunch of incremental infrastructure for the market to grow in Macau? We don't because we're very focused on a very small subset of customers. A little bit like Las Vegas, to be honest. You've seen us grow and our growth in Las Vegas materially outpace the growth in the market over the course of the past five years.

[Craig Billings, CEO at Wynn Resorts]

I don't think we need a whole bunch of incremental infrastructure in Macau to grow our business there and be competitive. I think we're going to tack on Enclave, and you're going to see exactly what I mean by that, where we have the database to fill those rooms, and we have the occupancy to fill those rooms. Would additional infrastructure be helpful to the market overall? Probably. I think that would be the case in almost any market, but not specifically for us, and we're not dependent on it.

[Analyst at Wells Fargo]

Got you. Appreciate that. Apologies if I missed this earlier, Las Vegas OpEx per day was $4.5 million. Could you just maybe provide us with any sort of color on the back half of the year and what we should expect and what we could kind of pencil down on our models? Thank you.

[Craig Billings, CEO at Wynn Resorts]

Let me start, Craig will talk you through the numbers. Look, if you put Las Vegas in context, when you look at the Q2 results, despite kind of normal seasonality, demand remained very solid for us. You can see that in the top-line numbers. We also had notable strength in our retail outlets, which I alluded to in my prepared remarks. On the other hand, we had contractual labor rate increases, which are real. We had some rooms at Encore that were out of service, we had some venues that opened right at the end of Q1. We had full staffing in those venues, but revenue was really just beginning to ramp. I think it's important to keep all of that in mind. The cost base in Las Vegas has increased, it's a fact.

[Craig Billings, CEO at Wynn Resorts]

Not just for us, for others as well. Craig, do you want to talk about specific?

[Craig Fullalove, CFO at Wynn Resorts]

Yeah. As you mentioned, we came in at 4.5 for the quarter, and we've been guiding at about 4.4-4.7 as sort of the range that we put out there through the rest of the year.

[Analyst at Wells Fargo]

Thank you.

[Operator]

Thank you. As a reminder, if you'd like to ask a question, please press star one.

[Craig Billings, CEO at Wynn Resorts]

I guess, thank you very much.

[Operator]

Do you have one coming in?

[Craig Billings, CEO at Wynn Resorts]

I apologize.

[Operator]

No, we have no further questions.

[Craig Fullalove, CFO at Wynn Resorts]

Well, thank you all for attending the conference. We appreciate it. We'll see you all next quarter. Thank you.

[Operator]

Thank you. That concludes today's conference. Thank you for participating. You may disconnect at this time.

Participants

Executives

• Craig Fullalove, CFO
• Craig Billings, CEO
• Brian Gullbrants, COO for North America

Analysts

• Shaun Kelley, Analyst at Bank of America
• Dan Politzer, Analyst at JPMorgan
• Stephen Grambling, Analyst at Morgan Stanley
• Lizzie Dove, Analyst at Goldman Sachs
• John DeCree, Analyst at CBRE
• Robin Farley, Analyst at UBS
• Brandt Montour, Analyst at Barclays
• Chad Beynon, Analyst at Macquarie
• Steven Wieczynski, Analyst at Stifel
• Barry Jonas, Analyst at Truist Securities
• Analyst at Wells Fargo