Wynn Resorts reported an increase in first-quarter revenue and profits, buoyed by growth at Wynn Palace and its Las Vegas ventures, while the company sustained its investment in the Wynn Al Marjan Island project in the United Arab Emirates.
Wynn’s net income surged to $120.5 million in the first quarter, up from $72.7 million a year prior. Diluted net income per share also rose to $1.04 from $0.69. Adjusted net income attributable to Wynn Resorts climbed to $129.7 million or $1.25 per diluted share, compared to $113.1 million or $1.07 per diluted share in the first quarter of 2025.
Operating revenue grew by $156.4 million to $1.86 billion, up from $1.70 billion the previous year. Adjusted Property EBITDAR increased to $562.4 million from $532.9 million.
Craig Billings, CEO of Wynn Resorts
Craig Billings, CEO of Wynn, stated that the company’s first-quarter results “demonstrate the robustness of Wynn’s operations across all our markets,” highlighting Las Vegas’s significant EBITDAR growth and its increasing gaming market share.
“In Macau, we experienced a substantial rise in gaming volumes year-over-year, along with a strong market share,” Billings noted, expressing satisfaction with the increased dividend from Wynn Macau, underpinned by the business’s free cash flow.
Billings indicated that construction on Wynn Al Marjan Island is proceeding well, with the company keeping a close eye on developments in the Gulf region and implementing extra measures for its on-site team.
In the first quarter, the company infused $100.1 million in cash into its 40%-owned joint venture for Wynn Al Marjan Island, bringing total cash contributions to $1.01 billion. The project is anticipated to launch in 2027, though the $5 billion UAE casino resort, initially set for spring 2027, is expected to face a “slight delay” due to regional conflicts.
“Construction continues to make headway, with more than 22,000 workers on site,” Billings stated. “The project team has displayed remarkable resilience. Despite encountering logistical and shipping hurdles, deliveries have been consistent, and we are adapting by rerouting shipments and sourcing alternative materials as necessary.”
Wynn Al Marjan Island construction
Wynn Palace generated operating revenue of $659.3 million, reflecting an increase of $123.4 million from $535.9 million in the first quarter of 2025. Adjusted Property EBITDAR rose to $203.8 million from $161.9 million. The win percentage for mass market table games was 26.6%, surpassing the previous year’s 24.8%, while the VIP table games win percentage of turnover stood at 3.11%, within the anticipated range of 3.1% to 3.4%.
Las Vegas operations reported operating revenue of $661.9 million, marking an increase of $36.6 million from $625.3 million. Adjusted Property EBITDAR grew to $232.5 million from $223.4 million. Table games’ win percentage was recorded at 25.2%, aligning with the expected range of 22% to 26%.
Wynn Macau reported operating revenue of $329.9 million, closely matching the prior year’s $330.0 million. Adjusted Property EBITDAR fell to $75.6 million from $90.2 million. The win percentage for mass market table games dropped to 15.1% from 18.7%, while the VIP table games’ win as a percentage of turnover was only 0.39%, below the expected 3.1% to 3.4% range.
Encore Boston Harbor’s operating revenue reached $205.7 million, down by $3.6 million from $209.2 million a year earlier. Adjusted Property EBITDAR decreased to $50.5 million from $57.5 million. Table games’ win percentage was recorded at 20.2%, within the anticipated range of 18% to 22%.
As of March 31, Wynn Resorts reported cash and cash equivalents totaling $1.19 billion, excluding $607.6 million in short-term investments held by Wynn Macau, Limited. Total current and long-term debt amounted to $10.52 billion, which includes $5.76 billion of Macau-related debt, $877.2 million of Wynn Las Vegas debt, $3.28 billion of Wynn Resorts Finance debt, and $598.6 million of debt retained by the retail joint venture consolidated by the company.
During the quarter, Wynn Resorts repurchased 528,667 shares at an average price of $101.72 per share, totaling $53.8 million. As of March 31, the company still had $401.1 million left under its equity repurchase program. The Board of Directors also announced a cash dividend of $0.25 per share, scheduled to be paid on May 29, 2026, to stockholders of record as of May 18, 2026.