Wynn Macau Ltd reports 39.2% drop in operating income in Q3 and starts construction of The Enclave
Operating income fell to US$108.3m in Q3 2026; The Enclave slated to open in 2029
Key Takeaways
- Wynn Macau Ltd’s operating income for Q3 2026 was US$108.3 million, a 39.2% year‑on‑year decline.
- Property adjusted EBITDAR for Wynn Macau was US$255.3 million in Q3, down 17.2% year on year.
- Construction of The Enclave at Wynn Palace began in Q3 2026; the 432‑suite tower is expected to open in 2029 after a 2.5‑year build.
- Wynn Resorts projects Macau capex of US$750–800 million for 2027 and declared a US$0.25 per share dividend payable on 30 November.
Wynn Macau Ltd reported a 39.2% decline in operating income in the third quarter of 2026, reducing it to just under US$108.3 million, according to results published on Thursday by parent company Wynn Resorts Ltd. The Macau unit operates Wynn Macau in the city centre and Wynn Palace in Cotai.
Third-quarter operating results
Operating income confirmed the decline: Wynn Macau Ltd’s operating income was US$108.3 million for the quarter ended 30 September 2026, a year-on-year decrease of 39.2%. Property adjusted EBITDA (EBITDAR) for the same period was US$255.3 million, down 17.2% versus Q3 2025.
The company said in a separate presentation that daily operating expenses for the Macau operation in Q3 averaged US$2.89 million, an increase of 5.0% year on year.
By property, Wynn Palace recorded operating revenue of US$583.8 million in the quarter, versus US$635.5 million in Q3 2025. Wynn Palace’s adjusted EBITDAR was US$165.8 million, compared with US$200.3 million in the prior-year period.
Mass table win rate at Wynn Palace was 25.8%, above 22.6% in Q3 2025. VIP win as a percentage of turnover was 3.82%, above the expected range of 3.1%–3.4%, but below 4.68% in Q3 2025.
Wynn Macau, the city-centre property, reported operating revenue of US$335.4 million, a decline of 8.2% year on year. Its adjusted EBITDAR was US$89.5 million, down 17.1%. Mass table win at Wynn Macau was 17.1%, below 18.7% in Q3 2025. VIP win as a percentage of turnover was 4.88%, above the expected range of 3.1%–3.4% and higher than 2.93% in the prior quarter.
Projects in Macau and construction timetable
Wynn Resorts confirmed that construction of The Enclave at Wynn Palace began during the third quarter of 2026. The Enclave will be a hotel tower of 432 rooms, all suites, located adjacent to the east entrance of Wynn Palace. The group’s internal presentation indicates a construction timeline estimated at 2.5 years and an expected opening in 2029.
Management also reaffirmed on the earnings call that The Theatre and the Event Center at Wynn Palace remain on track to open in 2028. The group projects total capital expenditure (capex) in Macau for 2027 to range between US$750 million and US$800 million, versus a forecast of US$350 million–US$400 million for 2026.
Wynn Al Marjan Island and contributions to the joint venture
Craig Billings, chief executive officer of Wynn Resorts, said Macau properties saw “healthy demand amid slower market conditions” during the third quarter.
Billings also updated on the development in Ras Al Khaimah, United Arab Emirates: Wynn Al Marjan Island is a resort casino valued at US$5.7 billion in which Wynn Resorts holds a 40% stake. The company said finishing works and guestroom fit-out are ongoing and reiterated a targeted opening in September 2027.
In Q3, Wynn Resorts contributed US$62.2 million in cash to the joint venture building the UAE project, bringing its cumulative cash contributions to US$1.12 billion toward Wynn Al Marjan Island. As of the end of September 2026, Wynn Al Marjan Island had contracted 442 employees, mostly senior executives, senior managers and general and administrative staff.
Group balance sheet and dividends
The full Wynn Resorts group reported operating revenue of US$1.69 billion in the third quarter of 2026, a decline of 7.7% year on year. Net income was US$17.3 million, a drop of 80.4% from US$88.3 million in the same period of 2025.
Total current and long-term debt of the group as of 30 September stood at US$10.73 billion, including US$5.77 billion of Macau-related debt.
The company declared a cash dividend of US$0.25 per share, payable on 30 November.
For ongoing coverage of results and projects in the region consult our updates at news.
Frequently Asked Questions
How much operating income did Wynn Macau record in Q3 2026?
Wynn Macau Ltd recorded operating income of US$108.3 million in the third quarter of 2026, a 39.2% decrease compared with the same period in 2025, according to Wynn Resorts Ltd’s results.
What is The Enclave and when will it open?
The Enclave is a 432‑room all‑suite hotel tower adjacent to the east entrance of Wynn Palace. Construction began in Q3 2026, the group estimates a 2.5‑year construction timeline and expects to open the tower in 2029.
What is Wynn Resorts’ capex outlook for Macau in 2027?
Wynn Resorts projects total capital expenditure in Macau for 2027 to be between US$750 million and US$800 million, versus a forecast of US$350 million–US$400 million for 2026.
What progress has been made on Wynn Al Marjan Island and how much has Wynn contributed?
Wynn Al Marjan Island is a US$5.7 billion resort casino project where Wynn Resorts holds a 40% stake; finishing works and room fit‑outs are underway and the target opening is September 2027. In Q3 Wynn Resorts contributed US$62.2 million in cash to the joint venture, bringing cumulative cash contributions to US$1.12 billion.
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About the author
Gonzalo Marín
Industry Deals Correspondent
Gonzalo Marín covers the corporate deal flow of gambling — operator strategy, M&A, regulated-market entries, and product launches. The reports open with the transaction, cite companies, valuations, and jurisdictions exactly as released, and keep the announcement apart from its actual effect. When a Latin American operator raises capital or a European brand lands in the region, Gonzalo Marín reports who signs, for how much, and on what terms.
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