Wynn Resorts NASDAQ: WYNN executives said the casino operator delivered strong first-quarter results across Las Vegas and Macau while continuing to navigate geopolitical and logistical challenges tied to its planned Wynn Al Marjan resort in the United Arab Emirates.
On the company’s first-quarter 2026 earnings call, Chief Executive Officer Craig Billings said construction at Wynn Al Marjan has continued despite regional conflict, with more than 22,000 workers on site. He said the company has faced “logistical and shipping challenges” but is rerouting shipments and sourcing alternative materials where necessary.
“Based on conditions today, these challenges are manageable, though we are realistic that the picture could shift as the situation evolves,” Billings said. He added that Wynn now expects a “modest delay” in the project’s opening timeline and plans to quantify that in the coming months. Later in the call, he said the company still looks forward to opening the resort in 2027.
Las Vegas Results Benefit From Gaming, Hotel Strength
Billings said Wynn Las Vegas had “another period of strong results,” helped by the debut of Zero Bond and Sartiano’s Italian Steakhouse, both of which he said opened to positive guest and member feedback. He said hold-adjusted EBITDA in Las Vegas grew 5% to $235 million, including the best March in the property’s history.
Casino revenue rose more than 9%, driven by increases in both drop and handle, while hotel RevPAR increased nearly 10% year over year on a 12% increase in rate, Billings said. Momentum continued into the second quarter, with drop and handle ahead of the prior year and April average daily rate also up year over year.
Chief Financial Officer Craig Fullalove said Wynn Las Vegas generated $232.5 million in adjusted property EBITDA on $661.9 million of operating revenue during the quarter, for an EBITDA margin of 35.1%. Unfavorable hold reduced EBITDA by just over $2 million.
Operating expense per day, excluding gaming tax, was $4.55 million, up 6.8% from the prior year. Fullalove attributed the increase to higher business volumes, contractual wage increases and staffing for new outlets, including Zero Bond, Sartiano’s and PISCES, which opened in May 2025.
Billings said the Encore Tower remodel will begin soon and continue in stages through 2026 and into early 2027. Brian Gullbrants, chief operating officer of North America, said the project will take six floors of inventory out for about 12 months, but rates are currently holding.
Macau Posts Strong Demand as Wynn Plans New Suite Tower
In Macau, Billings said the company delivered a strong quarter, with VIP hold-adjusted EBITDA of $296 million. Lower-than-expected VIP hold reduced the quarter by $17 million. Mass drop increased 19% and handle rose 32% year over year, with mass drop continuing ahead of last year into the second quarter.
Fullalove said Macau operations generated adjusted property EBITDA of $279.4 million on $989.2 million of operating revenue, resulting in an EBITDA margin of 28.2%. Operating expense, excluding gaming tax, was about $2.9 million per day, up 9.9% year over year, due primarily to higher business volumes, the opening of the Gourmet Pavilion in the second quarter of 2025, the expansion of the Chairman’s Club and normal cost-of-living adjustments.
Billings also announced a new investment at Wynn Palace: the Enclave at Wynn Palace, a 432-suite hotel tower that will connect to the east entrance of the property. The project is expected to cost $900 million to $950 million and increase Wynn Palace’s room count by 25% and suite count by 50%.
Billings said Wynn Palace is “essentially full” on a nightly basis, making the expansion a way to capture existing demand rather than a speculative bet. He said the new tower will not include a gaming element and will have “very, very modest” food and beverage offerings because it will connect directly to the existing Wynn Palace complex.
Fullalove said spending on the Enclave in 2026 will be limited to piling and early development work. He said the Enclave and other Macau capital projects are still expected to result in 2026 expansion capital expenditures of $400 million to $450 million.
Encore Boston Harbor Holds Steady Amid Labor Pressures
Encore Boston Harbor generated $51 million of EBITDA in the first quarter, Billings said. Slot revenue grew 2% year over year despite difficult weather in the Northeast and continued gaming expansion in New Hampshire.
Fullalove said the Boston property produced adjusted property EBITDA of $50.5 million on revenue of $205.7 million, with an EBITDA margin of 24.6%. Operating expense per day was $1.22 million, up 3.9% from the first quarter of 2025. He said the team has continued to manage costs while mitigating union-related payroll increases through efficiencies that do not affect the guest experience.
Capital Returns Continue as Liquidity Remains Strong
Fullalove said Wynn’s liquidity position remained “very strong,” with $4.4 billion in global cash and revolver availability as of March 31. That included $2.8 billion in Macau and $1.6 billion in the United States. He said the company’s properties generated just under $2.3 billion of last-12-month adjusted EBITDA, producing a consolidated net leverage ratio of just over 4.4 times.
The Wynn Macau board has recommended increasing the final dividend for 2025 to $150 million from $125 million, subject to shareholder approval at the May 28 annual general meeting. Wynn Resorts’ board approved a cash dividend of $0.25 per share, payable May 29, 2026, to stockholders of record as of May 18, 2026.
The company repurchased 528,000 shares for about $53.8 million during the quarter and an additional $30.6 million so far in the second quarter, Fullalove said.
First-quarter capital expenditures totaled $179.1 million, primarily tied to Zero Bond, Sartiano’s and The Fairway Grill in Las Vegas; the Chairman’s Club expansion at Wynn Palace; the hotel refurbishment at Wynn Macau; and maintenance spending. Wynn also contributed $100.1 million of equity to Wynn Al Marjan Island during the quarter, bringing its total equity contribution to date to $1.01 billion.
Executives Reaffirm Long-Term UAE View
During the question-and-answer portion of the call, analysts repeatedly asked about the UAE project and the broader tourism outlook. Billings said Wynn’s conviction in the project has not changed, pointing to the UAE’s infrastructure, airlift, visa framework and tourism policy.
“When we underwrote this project, we didn’t underwrite a region with zero geopolitical risk,” Billings said. “We underwrote a country with a demonstrated ability to manage through it and to emerge in a better competitive position on the other side.”
Billings said the company has not changed its marketing strategy for Wynn Al Marjan. He said senior operations leadership is largely in place and that Wynn has not seen a slowdown in interest from people who want to work at the property. Mass hiring could be delayed slightly once the opening delay is quantified, he said, to avoid unnecessary pre-opening costs.
About Wynn Resorts NASDAQ: WYNN
Wynn Resorts, Limited 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.
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