Wynn Resorts, Limited (WYNN) Earnings
Wynn Resorts, Limited is expected to report next earnings on November 5, 2026 (in NaN days), with a consensus EPS estimate of $0.88. WYNN has beaten EPS estimates in 6 of its last 12 reported quarters (average surprise -1.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 4, 2026 | $0.99 | $1.24 | +25.0% | $1.9B | +1.3% |
| May 7, 2026 | $1.18 | $1.25 | +5.9% | $1.9B | +1.9% |
| Feb 12, 2026 | $1.33 | $1.17 | -12.0% | $1.9B | +3.6% |
| Nov 6, 2025 | $1.15 | $0.86 | -25.2% | $1.8B | +3.3% |
| Aug 7, 2025 | $1.20 | $1.09 | -9.2% | $1.7B | -0.6% |
| Feb 13, 2025 | $1.27 | $2.42 | +90.6% | $1.8B | +3.9% |
| Feb 7, 2024 | $1.12 | $1.91 | +70.5% | $1.8B | +5.8% |
| Nov 9, 2023 | $0.79 | $0.99 | +25.3% | $1.7B | +5.5% |
| Feb 8, 2023 | $-1.17 | $-1.23 | -5.1% | $1.0B | +5.3% |
| Feb 15, 2022 | $-1.24 | $-1.37 | -10.5% | $1.1B | +5.9% |
| Aug 4, 2021 | $-1.41 | $-1.12 | +20.6% | $990M | +6.2% |
| Feb 4, 2021 | $-2.22 | $-2.45 | -10.4% | $686M | -5.2% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 4, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Core Operating Performance Trends - Wynn Las Vegas delivered solid growth across casino, hotel, and retail segments, with particularly strong performance in May; early Q3 2026 has seen solid slot revenue and RevPar growth despite unusually low hold in July. - Forward booking for Las Vegas group and convention business accelerated through July, with strong demand expected for Q4 2026 and all of 2027; the 2026 F1 race is pacing ahead of 2025 levels for transient leisure business. - Encore Boston Harbor has maintained healthy early Q3 demand, with slot handle running slightly ahead of 2025 levels. - Wynn Macau saw early Q3 rolling volumes and mass drop down slightly year-over-year due to combined World Cup impacts and seasonal trough effects, but volumes picked up in the back half of July and continued improving into early August. ### Capital Project Updates - Macau: Construction on the previously announced Enclave 432-suite hotel tower will begin before the end of 2026, with opening expected in 2029; construction on the Wynn Palace Events Center and Theater will begin in the coming weeks following government approval of the revised land contract, with completion expected in 2028. Total 2026 expansionary CapEx for Macau is projected to land in the $350 million to $400 million range. - Wynn-en-Marjon Island (UAE): Interior fit-out of hotel rooms is underway, with mechanical, electrical, and finishing work progressing on schedule; pre-opening hiring and operational planning are advancing well. Regional conflict has disrupted global supply chains and shipping insurance markets, requiring resourcing, rerouting, or expediting of materials and equipment, and created additional staffing disruptions. ### Balance Sheet and Capital Return - Total liquidity as of June 30, 2026 is $4 billion in global cash and revolver availability, split between $2.3 billion in Macau and $1.7 billion in the US. - Wynn Macau's 2025 final dividend was set at $150 million (up from $124 million in the prior year), paid in Q2 2026; Wynn Resorts' board approved a $0.25 per share cash dividend, payable August 28 to shareholders of record August 14. - Total CapEx spent in Q2 2026 was ~$153 million, primarily for Las Vegas renovation projects, completed Wynn Macau hotel refurbishment, and routine maintenance. The company contributed $48.1 million in equity to the Wynn-en-Marjon Island project in Q2, bringing cumulative contributions to just over $1.06 billion, with $1.4 billion drawn on the project's construction loan to date.
Guidance
- Wynn-en-Marjon Island: The total project budget has been increased by approximately $600 million, with Wynn's 40% share requiring an additional ~$240 million in equity. Total required remaining equity for Wynn, including joint venture partners, is projected at $525 million to $650 million. The project opening is pushed back to September 2027 from the prior timeline. - Wynn Las Vegas OpEx excluding gaming tax is projected to remain in the range of $4.4 million to $4.7 million per day for the remainder of 2026, matching the prior guidance range. - Ongoing Las Vegas Encore renovations are expected to reduce quarterly revenue by $2 million to $4 million per quarter through the first half of 2027, from foregone room sales on peak occupancy days. - Management maintains prior long-term projections for Wynn-en-Marjon Island performance and reaffirms the underlying investment thesis for the project, even after the budget increase.
Segment performance
1. Wynn Las Vegas: Generated $215.2 million in adjusted property EBITDA on $643.2 million in operating revenue, with a 33.5% margin. Total casino revenue grew 5%, RevPar increased 3%, and retail lease revenue rose 8% year-over-year. Unfavorable hold created a $3.6 million headwind for the quarter. OpEx excluding gaming tax was $4.5 million per day, up 6.2% year-over-year. This segment contributed 34.6% of total company operating revenue. 2. Encore Boston Harbor: Generated $56.1 million in adjusted property EBITDA on $209.3 million in operating revenue, with a 26.8% margin. Slot revenue grew 1% year-over-year, and the quarter set records for 2Q RevPar and 2Q hotel revenue. OpEx per day was $1.19 million, up just 2.9% year-over-year. This segment contributed 11.3% of total company operating revenue. 3. Wynn Macau: Generated $297 million in adjusted property EBITDA on $1.0 billion in operating revenue, with a 29.7% margin. Unfavorable VIP hold created an $8.6 million negative impact, and VIP normalized EBITDA for the quarter was $306 million. Mass drop increased 5% year-over-year. OpEx excluding gaming tax was $2.9 million per day, up 9% year-over-year and flat quarter-over-quarter. This segment contributed 54.1% of total company operating revenue.
Risks & headwinds
- Regional conflict in the Middle East has disrupted global supply chains and shipping insurance markets for the Wynn-en-Marjon Island project, leading to delays and increased material, shipping, and financing costs, accounting for half of the $600 million total budget increase. - Unpredictable hold variance in casino gaming can create quarterly EBITDA volatility; the business saw unusually low hold in Las Vegas in July 2026 and unfavorable hold in Macau during Q2 2026. - Geopolitical uncertainty in the UAE region remains, with ongoing broader regional conflict that could impact future travel demand and project timelines. - Macau's gaming market remains highly competitive, requiring ongoing investment in customer experience and promotions to maintain market share. - Ongoing labor cost pressure across operating markets, particularly in Boston, increases operating expenses year-over-year.
Analyst Q&A
Q: Analyst asks about the strategic decision to set a September 2027 opening date for Wynn-en-Marjon Island, amid ongoing regional conflict, and whether the date is firm or flexible. /
A: Management confirms that while broader regional conflict continues, direct security intensity targeting the UAE has eased, and day-to-day business and supply chains are operating normally. The September 2027 date reflects when construction will be fully complete and operations can launch at the required quality standard, not a bet on future market conditions. The project was underwritten to account for some level of geopolitical risk, and construction is proceeding on normal schedule toward the new opening date. (194 chars)
Q: Analyst asks how the continued high competitiveness of Macau's gaming market is evolving, and how management views current market dynamics. /
A: Management confirms the market remains extremely competitive but stable, particularly in terms of the promotional environment and levels of reinvestment. Wynn's own reinvestment levels have held relatively steady over the past several quarters, matching the market's stable dynamic. (141 chars)
Q: Analyst asks whether the $600 million budget increase for Wynn-en-Marjon Island materially changes the project's return profile or investment thesis. /
A: Management confirms the higher budget does reduce projected returns, but the project's underlying returns remain very healthy, so the investment thesis is unchanged. Stopping or slowing construction would be far more costly than absorbing the budget increase, so the priority remains opening the project to generate EBITDA as scheduled. (172 chars)
Q: Analyst asks how Las Vegas demand has trended between convention-heavy spring months and leisure-heavy summer months, and whether Wynn remains insulated from lower-tier market weakness as a premium operator. /
A: Management reports May (the strongest month of Q2) was exceptionally strong, with full year 2026 group booking pacing ahead of 2025, and 2027 bookings are on track. Wynn serves a high-end customer base that has held up very well, and competitors' promotional tactics like all-inclusive pricing do not impact Wynn's core customer segment. (198 chars)
Q: Analyst asks how Wynn's planning for long-term Macau investments accounts for upcoming concession renewal, and how much non-gaming investment obligation remains under the current concession. /
A: Management plans for the business as a going concern, and current investments like Enclave meet existing unmet demand so are not speculative. Wynn committed to $2.6 billion in total non-gaming spend (including $1.6 billion CapEx) under the current concession, and is on track to meet all obligations with the newly approved Events Center and Theater projects. (207 chars)