Wynn Resorts announced a notable increase in revenue and profit for the second quarter, with significant growth at Wynn Palace. The company also disclosed that the Wynn Al Marjan Island resort in the UAE is set to open in September 2027, following construction delays and a $600 million rise in projected costs.

The operating revenue surged to $1.86 billion for the quarter ending June 30, 2026, an increase of $119.1 million from $1.74 billion compared to the previous year. Net income for Wynn Resorts grew to $140.1 million, up from $66.2 million, while diluted earnings per share escalated to $1.32 from $0.64.

Adjusted net income stood at $127.5 million or $1.24 per diluted share, compared to $113.3 million or $1.09 per share in Q2 2025. Adjusted Property EBITDAR saw a growth of $15.9 million, reaching a total of $568.3 million.

CEO Craig Billings remarked that the quarter demonstrated robust demand in Macau and set a monthly record for Adjusted Property EBITDAR in Las Vegas in May.

A significant boost was noted at Wynn Palace, where revenue climbed by $113.8 million to reach $653.4 million. Adjusted Property EBITDAR rose to $201.5 million from $157.2 million. Mass-market table games win at Wynn Palace improved to 29.7% from 22.3%. While VIP table games win as a percentage of turnover reached 2.97%, it fell short of the expected range of 3.1% to 3.4%, despite being higher than the 2.86% from the previous year.

Wynn Macau reported a revenue of $351.1 million, which is up by $7.3 million, although Adjusted Property EBITDAR dipped slightly to $95.5 million from $96.5 million. The mass-market table games win percentage decreased to 17.1% from 17.4%, and VIP win dropped to 2.58%, falling short of both the expected range and the previous year’s figure of 3.41%.

Billings stated that Macau posted $306 million in normalized VIP adjusted earnings, with unfavorable VIP hold impacting the results by nearly $9 million.

CEO Craig Billings

“Our second quarter performance, including a monthly record for Adjusted Property EBITDAR in Las Vegas during May and compelling results in Macau, reflects ongoing healthy demand trends across our operations. I am exceptionally proud of our exceptional teams in both locations,” Billings expressed.

In Macau, the mass-market drop increased by 5%, although there was a slight reduction in third-quarter rolling volumes and mass drop due to World Cup disruptions and inherent seasonality. Trading improved later in July and into early August.

Las Vegas saw an increase in revenue of $4.6 million, totaling $643.2 million, but Adjusted Property EBITDAR fell to $215.2 million from $234.8 million. Table games win maintained at 23.9%, fitting within the anticipated range of 22% to 26%, and surpassed the 21.8% recorded last year.

Billings noted that casino revenue grew by 5%, aided by higher drop and handle, with revenue per available room up by 3% and retail lease revenue increasing by 8%. Although July was impacted by unusually low hold, the company reported that demand remained robust, with advanced bookings for events including Formula 1, conventions, and leisure travel showing positive trends compared to last year.

Encore Boston Harbor

Encore Boston Harbor experienced a revenue of $209.3 million, a decrease of $6.4 million, while Adjusted Property EBITDAR dropped to $56.1 million from $63.9 million. Table games win was recorded at 18.1%, which aligns with its expected range but is lower than the 21.3% seen in 2025. Nonetheless, the property marked second-quarter records for both hotel revenue and revenue per room, with slot revenue rising by 1%.

The timeline and budget for Wynn Al Marjan Island have been revised. The resort, previously set to open in Spring 2027, now anticipates a September 2027 inauguration. Billings attributed disruptions due to regional conflicts affecting supply chains, insurance markets, shipping logistics, staffing, and consultant mobility to the changes, necessitating alternative sourcing of equipment and materials.

“These disruptions have impacted both the timing and cost of the project,” remarked Billings.

Wynn now forecasts the resort’s opening in September 2027. Half of the $600 million budget increase is due to higher material and shipping costs, alongside additional interest and pre-opening expenses from the extended construction period. The remainder accounts for trade coordination, re-measurement, and other associated project costs.

Current construction of Wynn Al Marjan Island

During the quarter, Wynn contributed $48.1 million towards the 40%-owned joint venture working on the project, raising its total cash investment to $1.06 billion.

Billings indicated that both construction and pre-opening recruitment are progressing well, while regional conditions in the UAE have largely normalized, notwithstanding ongoing geopolitical risks. Additionally, September aligns with the start of the peak tourism season in the country, with the resort expected to draw local, regional, and international visitors.

In Macau, Wynn is set to commence construction on Enclave, a hotel featuring 432 suites, before the end of 2026, with the opening anticipated in 2029. Construction of a new event center and theater at Wynn Palace is scheduled to begin soon, with completion expected in 2028.