Wynn Resorts reports Q3 2026 attributable profit of $17.3M after Las Vegas and Macau VIP weakness
Net income $17.3M on 5 Nov; revenues and EBITDAR fell across all segments.
Key Takeaways
- Wynn Resorts posted attributable net income of $17.3 million in Q3, a decline of 80.4%, per the 5 November 2026 statement.
- Quarterly revenue was $1.69 billion (‑7.9%) and consolidated Adjusted Property EBITDAR fell 18.6% to $464.2 million.
- Las Vegas table hold of 18.9% was below the 22%–26% expectation and was estimated to have cost nearly $24 million to the quarter.
- Wynn Macau saw VIP turnover at Wynn Macau fall 53.9% to $470.4 million while Wynn increased Al Marjan contributions to $1.12 billion.
- Encore Boston Harbor workers struck in September; the strike was resolved in early November and cut September gaming revenue by about 22%.
Wynn Resorts reported attributable net income of $17.3 million for the third quarter, in a statement dated 5 November 2026, a decline of 80.4% versus the prior-year period. Quarterly revenue was $1.69 billion, down 7.9%, hit by a below‑expected hold rate in Las Vegas, a contraction in the Macau VIP business and a labour strike in Boston that has since been resolved.
Aggregated results and key measures
The 5 November statement shows operating and profitability metrics materially below last year. Diluted earnings per share fell to $0.17 from $0.85, and adjusted earnings per share declined to $0.33 from $0.86. Consolidated Adjusted Property EBITDAR decreased 18.6% to $464.2 million, with operating income overall $144.7 million lower than the same quarter in 2025.
The company declared a dividend of $0.25 per share, payable on 30 November, and repurchased shares for $58.1 million during the quarter. Reported net debt was $10.73 billion against available cash of $1.64 billion.
Performance by segment
All operating segments showed year‑on‑year declines.
Las Vegas Operations: revenue of $575.2 million, -7.4%; Adjusted Property EBITDAR of $158.8 million, down from $203.4 million.
Macau Operations: revenue of $919.2 million, -8.2%; Adjusted Property EBITDAR of $255.3 million, down from $308.3 million. Breakdown: $165.8 million at Wynn Palace and $89.5 million at Wynn Macau.
Encore Boston Harbor: Adjusted Property EBITDAR of $50.1 million, down from $58.4 million.
CEO Craig Billings attributed the Las Vegas shortfall to “a hold rate outside of our expected range”. On the earnings call, CFO Craig Fullalove estimated that Las Vegas hold cost about nearly $24 million, while an above‑expected VIP hold in Macau contributed nearly $12.3 million.
Detail: Las Vegas and the hold effect
Las Vegas table games recorded a hold rate of 18.9%, below the expected range of 22%–26%, which the finance team quantified as an impact of about $24 million in the quarter. Las Vegas EBITDAR fell by $44.6 million; even after adding back the $24 million from hold, the net decline remains roughly $20 million, indicating underlying weakness in Strip demand in addition to the hold effect. See related coverage in [casino](/casino).
Billings said the rest of the fourth quarter in Las Vegas “looked healthy”, according to the call transcript.
Macau: VIP down and mass pressured
Regulatory filings to the Hong Kong Stock Exchange by Wynn Macau, Limited — in which Wynn Resorts owns around 71% — show VIP turnover at Wynn Macau fell 53.9% to $470.4 million, operating with 11 VIP tables versus 17 a year earlier. At Wynn Palace, VIP turnover was down 14.3% and mass table drop declined 12.9%, although mass maintained a mass win rate of 25.8% compared with 22.6% the prior year.
The 5 November report notes that the Macau VIP contraction contributed to a 17.2% decline in regional EBITDAR, though VIP hold benefit of approximately $12.3 million partially offset that underlying weakness.
Billings described the quarter in Macau as “mixed” and said September was weak; Golden Week was in line with last year but volumes fell in late October. Billings also announced plans to add 432 suites to Wynn Palace, where occupancy reached 99.0%, signalling a greater emphasis on premium mass in Cotai.
Boston, strike and resolution
About 1,300 Encore Boston Harbor workers began a strike on 4 September. Ratification of a new contract by members of UNITE HERE Local 26 and Teamsters Local 25 occurred late on 5 November, and employees returned to work on 6 November, according to GBH News and CDC Gaming Reports. Carlos Aramayo, president of Local 26, said that “the deal met Greater Boston market standards”. Wynn called the strike “a modest headwind”; the labour action reduced the property's gaming revenue in September by 22%. Coverage of the regulatory and labour context is available in [regulation](/regulation).
Al Marjan and cash position
Wynn contributed $62.2 million in the quarter to the joint venture building Wynn Al Marjan Island, where it owns 40%, raising cumulative contributions to $1.12 billion. The project still targets an opening in September 2027, with room‑fit‑out work underway. Fullalove said $1.76 billion of the construction loan had been drawn.
The board said decisions on further developments at Al Marjan will wait until project demand eases; meanwhile, the mix of dividends and buybacks suggests the company does not see immediate liquidity stress despite a weak quarter.
Company's quarter conclusion
Wynn concludes part of the quarter's weakness can be ascribed to a short hold in Las Vegas and to the now‑resolved strike; those factors could reverse. Nevertheless, the contraction of the VIP book in Macau and lower demand in Las Vegas are effects that will not self‑correct, per the company's own analysis. The firm continues buybacks and dividends and remains committed to Al Marjan while managing reported leverage.
“a hold rate outside of our expected range”, said Craig Billings about Wynn Las Vegas.
“the deal met Greater Boston market standards”, stated Carlos Aramayo, president of UNITE HERE Local 26.
Frequently Asked Questions
What was Wynn Resorts' net income in Q3 2026?
Attributable net income was $17.3 million for Q3 2026, as disclosed on 5 November 2026, representing an 80.4% decline year‑over‑year.
How did Las Vegas hold affect the quarter?
Las Vegas table games hold was 18.9%, below the expected 22%–26% range; the CFO estimated that the lower hold cost about nearly $24 million in the quarter.
How did Macau contribute to the results?
Macau Operations generated $919.2 million in revenue (‑8.2%); VIP turnover at Wynn Macau fell 53.9% to $470.4 million, and VIP hold benefit of about $12.3 million partially offset weaker volumes.
What happened at Encore Boston Harbor and what was the impact?
Around 1,300 workers struck on 4 September; a new contract was ratified on 5 November and employees returned 6 November. Wynn said the strike reduced the property's gaming revenue in September by about 22%.
How much has Wynn invested in Al Marjan and when is it due to open?
Wynn contributed $62.2 million in the quarter and has total cumulative contributions of $1.12 billion to Wynn Al Marjan Island, where it owns 40%; the project targets opening in September 2027.
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Emilio Navarro
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Emilio Navarro covers the cross-cutting technology and business of iGaming — platforms, data and AI, compliance tooling, affiliate marketing, financial results, and the stories that fit no single rubric. The reports open with the announcement, cite vendors and figures exactly as published, and keep a healthy distance from press-release language. When a supplier unveils a new engine or the advertising rulebook changes, Emilio Navarro reports what genuinely changes.
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