Wynn Macau reports 39.2% fall in 3Q operating income as Enclave construction starts
Operating income fell to just under US$108.3m; Enclave tower to open in 2029 on a 2.5-year timeline.
Key Takeaways
- Wynn Macau Ltd's 3Q operating income fell 39.2% year-on-year to just under US$108.3 million.
- The Macau unit's adjusted property EBITDAR for the quarter was just under US$255.3 million, down 17.2% year-on-year.
- Construction began on The Enclave, a 432-key all-suite tower at Wynn Palace, with an anticipated 2.5-year timeline and a 2029 opening.
- Wynn Resorts expects Macau 2027 capex of US$750 million to US$800 million and reported group net income of US$17.3 million for 3Q 2026.
Wynn Macau Ltd reported third-quarter operating income down 39.2 percent year-on-year to just under US$108.3 million, the United States-based parent Wynn Resorts Ltd said in results published on Thursday. The Macau unit's adjusted property earnings before interest, taxation, depreciation and rent (EBITDAR) for the three months to September 30 declined 17.2 percent year-on-year to just under US$255.3 million.
Earnings and operating metrics
Operating revenues at the Macau operations were softer across both properties. Wynn Palace generated US$583.8 million in operating revenues for the three months to September 30, down from US$635.5 million in the third quarter of 2025. Adjusted property EBITDAR at Wynn Palace was US$165.8 million, versus US$200.3 million a year earlier.
At the downtown Wynn Macau property, third-quarter operating revenues were US$335.4 million, down 8.2 percent year-on-year. That property's adjusted property EBITDAR for the quarter was US$89.5 million, a decline of 17.1 percent from the prior-year quarter.
Daily operational expenses for the Macau operation during the third quarter reached US$2.89 million, an increase of 5.0 percent year-on-year.
Table games performance varied by segment. Wynn Palace's table games win percentage in mass market operations was 25.8 percent, above the 22.6 percent recorded in 3Q 2025. Wynn Palace's VIP table games win as a percentage of turnover was 3.82 percent, above the property's expected range of 3.1 percent to 3.4 percent but below the 4.68 percent in 3Q 2025. Wynn Macau's mass market table games win was 17.1 percent, below the 18.7 percent a year earlier. Wynn Macau's VIP table games win as a percentage of turnover was 4.88 percent, above the property's expected range of 3.1 percent to 3.4 percent and above the 2.93 percent recorded in the prior-year quarter.
Construction programme and timelines
Wynn Resorts confirmed that construction of The Enclave at Wynn Palace commenced during the third quarter. The Enclave is a 432-key, all-suite hotel tower to be built adjacent to Wynn Palace's eastern entrance. The company gave the project an anticipated construction timeline of 2.5 years, with an estimated opening in 2029.
Management also confirmed on the earnings call that the previously announced Theatre and Event Center projects at Wynn Palace remain on track to open in 2028.
Capital expenditure guidance and group results
The group said it expects full-year 2027 capital expenditure in Macau to be in the range of US$750 million to US$800 million, compared with a forecast US$350 million to US$400 million for the current year.
The whole Wynn Resorts group reported operating revenues of US$1.69 billion for the third quarter of 2026, down 7.7 percent year-on-year. Net income for the group was US$17.3 million, a decline of 80.4 percent from US$88.3 million in 3Q 2025.
"The Macau properties had seen healthy demand amid slower market conditions," said Craig Billings, chief executive of Wynn Resorts, in Thursday's announcement.
Wynn Al Marjan Island and balance-sheet items
Wynn Resorts reiterated progress on Wynn Al Marjan Island, the US$5.7-billion casino resort in Ras Al Khaimah, United Arab Emirates, in which Wynn Resorts holds a 40 percent equity stake. The company said project teams had "made substantial progress with ongoing finishing works occurring throughout the property, including the interior fit-out of all guest rooms," and reaffirmed the planned September 2027 opening date.
During the third quarter, Wynn Resorts contributed US$62.2 million in cash to the joint venture constructing the UAE project, bringing total cash contributions to Wynn Al Marjan Island to US$1.12 billion. As of September 2026, Wynn Al Marjan Island had hired 442 staff members, mostly senior-level executives, senior managers and general and administrative personnel.
On Thursday the group declared a cash dividend of US$0.25 per share, payable on November 30. The group's current and long-term debt outstanding as of September 30 amounted to US$10.73 billion, including US$5.77 billion in Macau-related debt.
For further coverage of regional casino earnings and capital programmes see the latest news and our b2b analysis of project pipelines.
Frequently Asked Questions
How much did Wynn Macau's operating income fall in the third quarter?
Wynn Macau's third-quarter operating income fell 39.2 percent year-on-year to just under US$108.3 million, as reported in results published on Thursday.
What is the timeline and size of The Enclave project at Wynn Palace?
Construction of The Enclave, a 432-key all-suite hotel tower adjacent to Wynn Palace's eastern entrance, began in the third quarter and has an anticipated construction timeline of 2.5 years with an estimated opening in 2029.
What capex does Wynn expect for Macau in 2027?
Wynn Resorts expects full-year 2027 capital expenditure in Macau to be in the range of US$750 million to US$800 million, compared with a forecast US$350 million to US$400 million for the current year.
What progress and spending has been reported on Wynn Al Marjan Island?
Wynn Resorts said teams at Wynn Al Marjan Island had made substantial finishing progress and reaffirmed a September 2027 opening; the group contributed US$62.2 million in the third quarter, bringing total cash contributions to US$1.12 billion, and the project had hired 442 staff as of September 2026.
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Marcus Webb
Industry Deals Correspondent
Marcus Webb covers the deal flow of the gambling industry — operator strategy, M&A, market entries, and product launches from sportsbook rebrands to full platform migrations. The reports name the companies, valuations, and jurisdictions exactly as disclosed and separate the announcement from its market impact. When a group consolidates a brand or a challenger launches into a new state, Marcus Webb explains who gains, who pays, and what closes next quarter.
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