Wynn Resorts, Limited Reports First Quarter 2026 Results

Release Date: 08 May 2026

LAS VEGAS, May 7, 2026 — Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the first quarter ended March 31, 2026.

Operating revenues were $1.86 billion for the first quarter of 2026, an increase of $156.4 million from $1.70 billion for the first quarter of 2025. Net income attributable to Wynn Resorts, Limited was $120.5 million for the first quarter of 2026, compared to net income attributable to Wynn Resorts, Limited of $72.7 million for the first quarter of 2025. Diluted net income per share was $1.04 for the first quarter of 2026, compared to diluted net income per share of $0.69 for the first quarter of 2025. Adjusted Property EBITDAR was $562.4 million for the first quarter of 2026, compared to Adjusted Property EBITDAR of $532.9 million for the first quarter of 2025.

"Our first quarter results reflect the strength of Wynn's business across all of our markets," said Craig Billings, CEO of Wynn Resorts, Limited. "Las Vegas delivered another quarter of EBITDAR growth and continued to make gains in gaming market share. In Macau, we saw a meaningful increase in gaming volumes year-over-year alongside healthy market share, and we were pleased to increase the dividend from Wynn Macau, Limited — a reflection of the strong free cash flow the business is generating. Construction on Wynn Al Marjan Island continues to progress, and we are closely monitoring the broader situation in the Gulf region while taking additional precautions to ensure the safety and well-being of our team on the ground. We also continued to return capital to shareholders through our regular quarterly dividend and the repurchase of $54 million of stock in the quarter."

Consolidated Results

Operating revenues were $1.86 billion for the first quarter of 2026, an increase of $156.4 million from $1.70 billion for the first quarter of 2025. For the first quarter of 2026, operating revenues increased $123.4 million and $36.6 million at Wynn Palace and our Las Vegas Operations, respectively, and decreased $3.6 million at Encore Boston Harbor, from the first quarter of 2025. Operating revenues at Wynn Macau for the first quarter of 2026 were in line with the first quarter of 2025.

Net income attributable to Wynn Resorts, Limited was $120.5 million for the first quarter of 2026, compared to net income attributable to Wynn Resorts, Limited of $72.7 million for the first quarter of 2025. Diluted net income per share was $1.04 for the first quarter of 2026, compared to diluted net income per share of $0.69 for the first quarter of 2025. Adjusted net income attributable to Wynn Resorts, Limited was $129.7 million, or $1.25 per diluted share, for the first quarter of 2026, compared to adjusted net income attributable to Wynn Resorts, Limited of $113.1 million, or $1.07 per diluted share, for the first quarter of 2025.

Adjusted Property EBITDAR was $562.4 million for the first quarter of 2026, an increase of $29.5 million compared to Adjusted Property EBITDAR of $532.9 million for the first quarter of 2025. For the first quarter of 2026, Adjusted Property EBITDAR increased $41.9 million and $9.1 million at Wynn Palace and our Las Vegas Operations, respectively, and decreased $14.6 million and $6.9 million at Wynn Macau and Encore Boston Harbor, respectively, from the first quarter of 2025.

Wynn Resorts, Limited also announced today that its Board of Directors has declared a cash dividend of $0.25 per share, payable on May 29, 2026 to stockholders of record as of May 18, 2026.

Property Results

Macau Operations

Wynn Palace

Operating revenues from Wynn Palace were $659.3 million for the first quarter of 2026, an increase of $123.4 million from $535.9 million for the first quarter of 2025. Adjusted Property EBITDAR from Wynn Palace was $203.8 million for the first quarter of 2026, compared to $161.9 million for the first quarter of 2025. Table games win percentage in mass market operations was 26.6%, above the 24.8% experienced in the first quarter of 2025. VIP table games win as a percentage of turnover was 3.11%, within the property's expected range of 3.1% to 3.4% and above the 2.61% experienced in the first quarter of 2025.

Wynn Macau

Operating revenues from Wynn Macau were $329.9 million for the first quarter of 2026, in line with $330.0 million for the first quarter of 2025. Adjusted Property EBITDAR from Wynn Macau was $75.6 million for the first quarter of 2026, compared to $90.2 million for the first quarter of 2025. Table games win percentage in mass market operations was 15.1%, below the 18.7% experienced in the first quarter of 2025. VIP table games win as a percentage of turnover was 0.39%, below the property's expected range of 3.1% to 3.4% and below the 1.09% experienced in the first quarter of 2025.

Las Vegas Operations

Operating revenues from our Las Vegas Operations were $661.9 million for the first quarter of 2026, an increase of $36.6 million from $625.3 million for the first quarter of 2025. Adjusted Property EBITDAR from our Las Vegas Operations for the first quarter of 2026 was $232.5 million, compared to $223.4 million for the first quarter of 2025. Table games win percentage for the first quarter of 2026 was 25.2%, within the property's expected range of 22% to 26% and above the 24.3% experienced in the first quarter of 2025.

Encore Boston Harbor

Operating revenues from Encore Boston Harbor were $205.7 million for the first quarter of 2026, a decrease of $3.6 million from $209.2 million for the first quarter of 2025. Adjusted Property EBITDAR from Encore Boston Harbor for the first quarter of 2026 was $50.5 million, compared to $57.5 million for the first quarter of 2025. Table games win percentage for the first quarter of 2026 was 20.2%, within the property's expected range of 18% to 22% and slightly below the 20.5% experienced in the first quarter of 2025.

Wynn Al Marjan Island Development

During the first quarter of 2026, the Company contributed $100.1 million of cash to the 40%-owned joint venture that is constructing the Wynn Al Marjan Island development in the UAE, bringing our life-to-date cash contributions to the project to $1.01 billion. Wynn Al Marjan Island is currently expected to open in 2027.

Balance Sheet

Our cash and cash equivalents as of March 31, 2026 totaled $1.19 billion, excluding $607.6 million of short-term investments held by Wynn Macau, Limited. Cash and cash equivalents is comprised of $850.9 million held by Wynn Macau, Limited and subsidiaries, $212.1 million held by Wynn Resorts Finance, LLC and subsidiaries excluding Wynn Macau, Limited, and $124.6 million held at Corporate and other. As of March 31, 2026, the available borrowing capacity under the Wynn Resorts Finance, LLC Revolver and the WM Cayman II Revolver was $1.24 billion and $1.35 billion, respectively.

Total current and long-term debt outstanding at March 31, 2026 was $10.52 billion, comprised of $5.76 billion of Macau related debt, $877.2 million of Wynn Las Vegas debt, $3.28 billion of Wynn Resorts Finance, LLC debt, and $598.6 million of debt held by the retail joint venture which we consolidate.

Equity Repurchase Program

During the first quarter of 2026, the Company repurchased 528,667 shares of its common stock under its publicly announced equity repurchase program at an average price of $101.72 per share, for an aggregate cost of $53.8 million. As of March 31, 2026, the Company had $401.1 million in repurchase authority remaining under the equity repurchase program.

Conference Call and Other Information

The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC, on May 7, 2026 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before May 15, 2026, the Company will make Wynn Resorts Finance, LLC and Wynn Las Vegas, LLC financial information for the quarter ended March 31, 2026 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com, to obtain access to such financial information.