Wynn Resorts, Limited Reports Third Quarter 2026 Results
LAS VEGAS, November 5, 2026 — Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn Resorts" or the "Company") today reported financial results for the third quarter ended September 30, 2026.
Operating revenues were $1.69 billion for the third quarter of 2026, a decrease of $144.7 million from $1.83 billion for the third quarter of 2025. Net income attributable to Wynn Resorts, Limited was $17.3 million for the third quarter of 2026, compared to net income attributable to Wynn Resorts, Limited of $88.3 million for the third quarter of 2025. Diluted net income per share was $0.17 for the third quarter of 2026, compared to diluted net income per share of $0.85 for the third quarter of 2025. Adjusted Property EBITDAR (1) was $464.2 million for the third quarter of 2026, compared to Adjusted Property EBITDAR of $570.1 million for the third quarter of 2025.
“Our third quarter results demonstrated strong operational discipline from the teams in each of our regions,” said Craig Billings, CEO of Wynn Resorts, Limited. “Wynn Las Vegas and our Macau properties both saw healthy demand amid slower market conditions. Wynn Las Vegas was also negatively impacted by a hold rate outside of our expected range. In Boston, the team did an excellent job managing through the strike that began in early September, ensuring that we could continue delighting guests at our resort. The team at Wynn Al Marjan Island has also made substantial progress with ongoing finishing works occurring throughout the property, including the interior fit-out of all guest rooms, as we move closer to a planned September 2027 opening.”
Operating revenues were $1.69 billion for the third quarter of 2026, a decrease of $144.7 million from $1.83 billion for the third quarter of 2025. For the third quarter of 2026, operating revenues decreased $51.7 million, $45.8 million, $30.1 million and $17.1 million at Wynn Palace, our Las Vegas Operations, Wynn Macau, and Encore Boston Harbor, respectively, from the third quarter of 2025.
Net income attributable to Wynn Resorts, Limited was $17.3 million for the third quarter of 2026, compared to net income attributable to Wynn Resorts, Limited of $88.3 million for the third quarter of 2025. Diluted net income per share was $0.17 for the third quarter of 2026, compared to diluted net income per share of $0.85 for the third quarter of 2025. Adjusted net income attributable to Wynn Resorts, Limited (2) was $33.9 million, or $0.33 per diluted share, for the third quarter of 2026, compared to adjusted net income attributable to Wynn Resorts, Limited of $88.7 million, or $0.86 per diluted share, for the third quarter of 2025.
Adjusted Property EBITDAR was $464.2 million for the third quarter of 2026, a decrease of $105.9 million compared to Adjusted Property EBITDAR of $570.1 million for the third quarter of 2025. For the third quarter of 2026, Adjusted Property EBITDAR decreased $44.6 million, $34.5 million, $18.5 million, and $8.3 million at our Las Vegas Operations, Wynn Palace, Wynn Macau, and Encore Boston Harbor, respectively, from the third quarter of 2025.
Wynn Resorts, Limited also announced on November 5, 2026 that its Board of Directors declared a cash dividend of $0.25 per share, payable on November 30, 2026 to stockholders of record as of November 16, 2026.
Operating revenues from Wynn Palace were $583.8 million for the third quarter of 2026, a decrease of $51.7 million from $635.5 million for the third quarter of 2025. Adjusted Property EBITDAR from Wynn Palace was $165.8 million for the third quarter of 2026, compared to $200.3 million for the third quarter of 2025. Table games win percentage in mass market operations was 25.8%, above the 22.6% experienced in the third quarter of 2025. VIP table games win as a percentage of turnover was 3.82%, above the property's expected range of 3.1% to 3.4% and below the 4.68% experienced in the third quarter of 2025. 1 Wynn Macau
Operating revenues from Wynn Macau were $335.4 million for the third quarter of 2026, a decrease of $30.1 million from $365.5 million for the third quarter of 2025. Adjusted Property EBITDAR from Wynn Macau was $89.5 million for the third quarter of 2026, compared to $108.0 million for the third quarter of 2025. Table games win percentage in mass market operations was 17.1%, below the 18.7% experienced in the third quarter of 2025. VIP table games win as a percentage of turnover was 4.88%, above the property's expected range of 3.1% to 3.4% and above the 2.93% experienced in the third quarter of 2025.
Operating revenues from our Las Vegas Operations were $575.2 million for the third quarter of 2026, a decrease of $45.8 million from $621.0 million for the third quarter of 2025. Adjusted Property EBITDAR from our Las Vegas Operations for the third quarter of 2026 was $158.8 million, compared to $203.4 million for the third quarter of 2025. Table games win percentage for the third quarter of 2026 was 18.9%, below the property's expected range of 22% to 26% and below the 23.0% experienced in the third quarter of 2025.
Operating revenues from Encore Boston Harbor were $194.7 million for the third quarter of 2026, a decrease of $17.1 million from $211.8 million for the third quarter of 2025. Adjusted Property EBITDAR from Encore Boston Harbor for the third quarter of 2026 was $50.1 million, compared to $58.4 million for the third quarter of 2025. Table games win percentage for the third quarter of 2026 was 18.9%, within the property's expected range of 18% to 22% and below the 20.5% experienced in the third quarter of 2025.
During the third quarter of 2026, the Company contributed $62.2 million of cash to the 40%-owned joint venture that is constructing the Wynn Al Marjan Island development in the UAE, bringing our life-to-date cash contributions to the project to $1.12 billion. Wynn Al Marjan Island is currently expected to open in September 2027.
Our cash and cash equivalents as of September 30, 2026 totaled $1.64 billion, excluding $150.2 million of short-term investments held by Wynn Macau, Limited ("WML"). Cash and cash equivalents is comprised of $1.15 billion held by WML and subsidiaries, $371.5 million held by Wynn Resorts Finance, LLC ("WRF") and subsidiaries excluding WML, and $120.3 million held at Corporate and other. As of September 30, 2026, the available borrowing capacity under the WRF Revolver and the WM Cayman II Revolver was $1.03 billion and $1.35 billion, respectively.
Total current and long-term debt outstanding at September 30, 2026 was $10.73 billion, comprised of $5.77 billion of Macau-related debt, $4.37 billion of WRF debt, and $599.1 million of debt held by the retail joint venture which we consolidate.
In September 2026, WRF and its subsidiary Wynn Resorts Capital Corp. issued $900.0 million aggregate principal amount of 6.875% Senior Notes due 2035 and used the net proceeds from the offering , along with cash on hand, to redeem in full an aggregate principal amount of $900.0 million of Wynn Las Vegas 5.250% Senior Notes due 2027.
During the third quarter of 2026, the Company repurchased 627,475 shares of its common stock under its publicly announced equity repurchase program at an average price of $92.61 per share, for an aggregate cost of $58.1 million. As of September 30, 2026, the Company had $268.0 million in repurchase authority remaining under the equity repurchase program.
The Company will hold a conference call to discuss its results, including the results of Wynn Resorts Finance, LLC, on November 5, 2026 at 1:30 p.m. PT (4:30 p.m. ET). Interested parties are invited to join the call by accessing a live audio webcast at http://www.wynnresorts.com. On or before November 16, 2026, the Company will make Wynn Resorts Finance, LLC financial information for the quarter ended September 30, 2026 available to noteholders, prospective investors, broker-dealers and securities analysts. Please contact our investor relations office at 702-770-7555 or at investorrelations@wynnresorts.com to obtain access to such financial information. 2
This release contains forward-looking statements regarding operating trends and future results of operations. Such forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including, but not limited to, reductions in discretionary consumer spending, adverse macroeconomic conditions and their impact on levels of disposable consumer income and wealth, changes in interest rates, inflation, a decline in general economic activity or recession in the U.S. and/or global economies, extensive regulation of our business, pending or future legal proceedings, ability to maintain gaming licenses and concessions, dependence on key employees, geopolitical conflicts, adverse tourism trends, travel disruptions caused by events outside of our control, dependence on a limited number of resorts, competition in the casino/hotel and resort industries, uncertainties over the development and success of new gaming and resort properties, construction and regulatory risks associated with current and future projects (including Wynn Al Marjan Island), cybersecurity risk and our leverage and ability to meet our debt service obligations. Additional information concerning potential factors that could affect the Company's financial results is included in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, as supplemented by the Company's other periodic reports filed with the Securities and Exchange Commission from time to time. The Company is under no obligation to (and expressly disclaims any such obligation to) update or revise its forward-looking statements as a result of new information, future events or otherwise, except as required by law.
(1) "Adjusted Property EBITDAR" is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on debt financing transactions and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre- opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income (loss) as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
(2) "Adjusted net income attributable to Wynn Resorts, Limited" is net income attributable to Wynn Resorts, Limited before pre-opening expenses, property charges and other expenses, change in derivatives fair value, loss on debt financing transactions, foreign currency remeasurement and other, and income taxes calculated using the specific tax treatment applicable to the adjustments based on their respective jurisdictions. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share are presented as supplemental disclosures to financial measures in accordance with GAAP because management believes that these non-GAAP financial measures are widely used to measure the performance, and as a principal basis for valuation, of gaming companies. These measures are used by management and/or evaluated by some investors, in addition to net income per share computed in accordance with GAAP, as an additional basis for assessing period-to-period results of our business. Adjusted net income attributable to Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts, Limited per diluted share may be different from the calculation methods used by other companies and, therefore, comparability may be limited.
The Company has included schedules in the tables that accompany this release that reconcile (i) net income attributable to Wynn Resorts, Limited to adjusted net income attributable to Wynn Resorts, Limited, (ii) operating income (loss) to Adjusted Property EBITDAR, and (iii) net income attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR. 3
Note: Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa. 9
Note: Our casino operations in Macau were closed for a 1-day period in September 2025 due to Typhoon Ragasa. 10
(1) Table games win is shown before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis.
(2) In Macau, table drop is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. In Las Vegas, table drop is the amount of cash and net markers issued that are deposited in a gaming table's drop box. At Encore Boston Harbor, table drop is the amount of cash and gross markers that are deposited in a gaming table's drop box.
(3) Slot machine win is calculated as gross slot machine win minus progressive accruals and free play.
(4) ADR is average daily rate and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms occupied.
(5) REVPAR is revenue per available room and is calculated by dividing total room revenues including complimentaries (less service charges, if any) by total rooms available.
(6) Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted Property EBITDAR and Net Income Attributable to Wynn Resorts, Limited to Adjusted Property EBITDAR. 12 SOURCE:
Full text with the tables
Exhibit 99.1
Wynn Resorts, Limited Reports Third Quarter 2026 Results
LAS VEGAS, November 5, 2026 — Wynn Resorts, Limited (NASDAQ: WYNN) ("Wynn
Resorts" or the "Company") today reported financial results for the third
quarter ended September 30, 2026.
Operating revenues were $1.69 billion for the third quarter of 2026, a decrease
of $144.7 million from $1.83 billion for the third quarter of 2025. Net income
attributable to Wynn Resorts, Limited was $17.3 million for the third quarter of
2026, compared to net income attributable to Wynn Resorts, Limited of $88.3
million for the third quarter of 2025. Diluted net income per share was $0.17
for the third quarter of 2026, compared to diluted net income per share of $0.85
for the third quarter of 2025. Adjusted Property EBITDAR (1) was $464.2 million
for the third quarter of 2026, compared to Adjusted Property EBITDAR of $570.1
million for the third quarter of 2025.
“Our third quarter results demonstrated strong operational discipline from the
teams in each of our regions,” said Craig Billings, CEO of Wynn Resorts,
Limited. “Wynn Las Vegas and our Macau properties both saw healthy demand amid
slower market conditions. Wynn Las Vegas was also negatively impacted by a hold
rate outside of our expected range. In Boston, the team did an excellent job
managing through the strike that began in early September, ensuring that we
could continue delighting guests at our resort. The team at Wynn Al Marjan
Island has also made substantial progress with ongoing finishing works occurring
throughout the property, including the interior fit-out of all guest rooms, as
we move closer to a planned September 2027 opening.”
Consolidated Results
Operating revenues were $1.69 billion for the third quarter of 2026, a decrease
of $144.7 million from $1.83 billion for the third quarter of 2025. For the
third quarter of 2026, operating revenues decreased $51.7 million, $45.8
million, $30.1 million and $17.1 million at Wynn Palace, our Las Vegas
Operations, Wynn Macau, and Encore Boston Harbor, respectively, from the third
quarter of 2025.
Net income attributable to Wynn Resorts, Limited was $17.3 million for the third
quarter of 2026, compared to net income attributable to Wynn Resorts, Limited of
$88.3 million for the third quarter of 2025. Diluted net income per share was
$0.17 for the third quarter of 2026, compared to diluted net income per share of
$0.85 for the third quarter of 2025. Adjusted net income attributable to Wynn
Resorts, Limited (2) was $33.9 million, or $0.33 per diluted share, for the
third quarter of 2026, compared to adjusted net income attributable to Wynn
Resorts, Limited of $88.7 million, or $0.86 per diluted share, for the third
quarter of 2025.
Adjusted Property EBITDAR was $464.2 million for the third quarter of 2026, a
decrease of $105.9 million compared to Adjusted Property EBITDAR of $570.1
million for the third quarter of 2025. For the third quarter of 2026, Adjusted
Property EBITDAR decreased $44.6 million, $34.5 million, $18.5 million, and $8.3
million at our Las Vegas Operations, Wynn Palace, Wynn Macau, and Encore Boston
Harbor, respectively, from the third quarter of 2025.
Wynn Resorts, Limited also announced on November 5, 2026 that its Board of
Directors declared a cash dividend of $0.25 per share, payable on November 30,
2026 to stockholders of record as of November 16, 2026.
Property Results
Macau Operations
Wynn Palace
Operating revenues from Wynn Palace were $583.8 million for the third quarter of
2026, a decrease of $51.7 million from $635.5 million for the third quarter of
2025. Adjusted Property EBITDAR from Wynn Palace was $165.8 million for the
third quarter of 2026, compared to $200.3 million for the third quarter of 2025.
Table games win percentage in mass market operations was 25.8%, above the 22.6%
experienced in the third quarter of 2025. VIP table games win as a percentage of
turnover was 3.82%, above the property's expected range of 3.1% to 3.4% and
below the 4.68% experienced in the third quarter of 2025.
1
Wynn Macau
Operating revenues from Wynn Macau were $335.4 million for the third quarter of
2026, a decrease of $30.1 million from $365.5 million for the third quarter of
2025. Adjusted Property EBITDAR from Wynn Macau was $89.5 million for the third
quarter of 2026, compared to $108.0 million for the third quarter of 2025. Table
games win percentage in mass market operations was 17.1%, below the 18.7%
experienced in the third quarter of 2025. VIP table games win as a percentage of
turnover was 4.88%, above the property's expected range of 3.1% to 3.4% and
above the 2.93% experienced in the third quarter of 2025.
Las Vegas Operations
Operating revenues from our Las Vegas Operations were $575.2 million for the
third quarter of 2026, a decrease of $45.8 million from $621.0 million for the
third quarter of 2025. Adjusted Property EBITDAR from our Las Vegas Operations
for the third quarter of 2026 was $158.8 million, compared to $203.4 million for
the third quarter of 2025. Table games win percentage for the third quarter of
2026 was 18.9%, below the property's expected range of 22% to 26% and below the
23.0% experienced in the third quarter of 2025.
Encore Boston Harbor
Operating revenues from Encore Boston Harbor were $194.7 million for the third
quarter of 2026, a decrease of $17.1 million from $211.8 million for the third
quarter of 2025. Adjusted Property EBITDAR from Encore Boston Harbor for the
third quarter of 2026 was $50.1 million, compared to $58.4 million for the third
quarter of 2025. Table games win percentage for the third quarter of 2026 was
18.9%, within the property's expected range of 18% to 22% and below the 20.5%
experienced in the third quarter of 2025.
Wynn Al Marjan Island Development
During the third quarter of 2026, the Company contributed $62.2 million of cash
to the 40%-owned joint venture that is constructing the Wynn Al Marjan Island
development in the UAE, bringing our life-to-date cash contributions to the
project to $1.12 billion. Wynn Al Marjan Island is currently expected to open in
September 2027.
Balance Sheet
Our cash and cash equivalents as of September 30, 2026 totaled $1.64 billion,
excluding $150.2 million of short-term investments held by Wynn Macau, Limited
("WML"). Cash and cash equivalents is comprised of $1.15 billion held by WML and
subsidiaries, $371.5 million held by Wynn Resorts Finance, LLC ("WRF") and
subsidiaries excluding WML, and $120.3 million held at Corporate and other. As
of September 30, 2026, the available borrowing capacity under the WRF Revolver
and the WM Cayman II Revolver was $1.03 billion and $1.35 billion, respectively.
Total current and long-term debt outstanding at September 30, 2026 was $10.73
billion, comprised of $5.77 billion of Macau-related debt, $4.37 billion of WRF
debt, and $599.1 million of debt held by the retail joint venture which we
consolidate.
Recent Debt Financing Activities
In September 2026, WRF and its subsidiary Wynn Resorts Capital Corp. issued
$900.0 million aggregate principal amount of 6.875% Senior Notes due 2035 and
used the net proceeds from the offering , along with cash on hand, to redeem in
full an aggregate principal amount of $900.0 million of Wynn Las Vegas 5.250%
Senior Notes due 2027.
Equity Repurchase Program
During the third quarter of 2026, the Company repurchased 627,475 shares of its
common stock under its publicly announced equity repurchase program at an
average price of $92.61 per share, for an aggregate cost of $58.1 million. As of
September 30, 2026, the Company had $268.0 million in repurchase authority
remaining under the equity repurchase program.
Conference Call and Other Information
The Company will hold a conference call to discuss its results, including the
results of Wynn Resorts Finance, LLC, on November 5, 2026 at 1:30 p.m. PT (4:30
p.m. ET). Interested parties are invited to join the call by accessing a live
audio webcast at http://www.wynnresorts.com. On or before November 16, 2026, the
Company will make Wynn Resorts Finance, LLC financial information for the
quarter ended September 30, 2026 available to noteholders, prospective
investors, broker-dealers and securities analysts. Please contact our investor
relations office at 702-770-7555 or at investorrelations@wynnresorts.com to
obtain access to such financial information.
2
Forward-looking Statements
This release contains forward-looking statements regarding operating trends and
future results of operations. Such forward-looking statements are subject to a
number of risks and uncertainties that could cause actual results to differ
materially from those we express in these forward-looking statements, including,
but not limited to, reductions in discretionary consumer spending, adverse
macroeconomic conditions and their impact on levels of disposable consumer
income and wealth, changes in interest rates, inflation, a decline in general
economic activity or recession in the U.S. and/or global economies, extensive
regulation of our business, pending or future legal proceedings, ability to
maintain gaming licenses and concessions, dependence on key employees,
geopolitical conflicts, adverse tourism trends, travel disruptions caused by
events outside of our control, dependence on a limited number of resorts,
competition in the casino/hotel and resort industries, uncertainties over the
development and success of new gaming and resort properties, construction and
regulatory risks associated with current and future projects (including Wynn Al
Marjan Island), cybersecurity risk and our leverage and ability to meet our debt
service obligations. Additional information concerning potential factors that
could affect the Company's financial results is included in the Company's Annual
Report on Form 10-K for the year ended December 31, 2025, as supplemented by the
Company's other periodic reports filed with the Securities and Exchange
Commission from time to time. The Company is under no obligation to (and
expressly disclaims any such obligation to) update or revise its forward-looking
statements as a result of new information, future events or otherwise, except as
required by law.
Non-GAAP Financial Measures
(1) "Adjusted Property EBITDAR" is net income before interest, income taxes,
depreciation and amortization, pre-opening expenses, property charges and other
expenses, triple-net operating lease rent expense related to Encore Boston
Harbor, management and license fees, corporate expenses and other expenses
(including intercompany golf course, meeting and convention, and water rights
leases), stock-based compensation, change in derivatives fair value, loss on
debt financing transactions and other non-operating income and expenses.
Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure
because management believes that it is widely used to measure the performance,
and as a basis for valuation, of gaming companies. Management uses Adjusted
Property EBITDAR as a measure of the operating performance of its segments and
to compare the operating performance of its properties with those of its
competitors, as well as a basis for determining certain incentive compensation.
We also present Adjusted Property EBITDAR because it is used by some investors
to measure a company's ability to incur and service debt, make capital
expenditures and meet working capital requirements. Gaming companies have
historically reported EBITDAR as a supplement to GAAP. In order to view the
operations of their casinos on a more stand-alone basis, gaming companies,
including us, have historically excluded from their EBITDAR calculations pre-
opening expenses, property charges, corporate expenses and stock-based
compensation, that do not relate to the management of specific casino
properties. However, Adjusted Property EBITDAR should not be considered as an
alternative to operating income (loss) as an indicator of our performance, as an
alternative to cash flows from operating activities as a measure of liquidity,
or as an alternative to any other measure determined in accordance with GAAP.
Unlike net income, Adjusted Property EBITDAR does not include depreciation or
interest expense and therefore does not reflect current or future capital
expenditures or the cost of capital. We have significant uses of cash flows,
including capital expenditures, triple-net operating lease rent expense related
to Encore Boston Harbor, interest payments, debt principal repayments, income
taxes and other non-recurring charges, which are not reflected in Adjusted
Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be
different from the calculation methods used by other companies and, therefore,
comparability may be limited.
(2) "Adjusted net income attributable to Wynn Resorts, Limited" is net income
attributable to Wynn Resorts, Limited before pre-opening expenses, property
charges and other expenses, change in derivatives fair value, loss on debt
financing transactions, foreign currency remeasurement and other, and income
taxes calculated using the specific tax treatment applicable to the adjustments
based on their respective jurisdictions. Adjusted net income attributable to
Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts,
Limited per diluted share are presented as supplemental disclosures to financial
measures in accordance with GAAP because management believes that these non-GAAP
financial measures are widely used to measure the performance, and as a
principal basis for valuation, of gaming companies. These measures are used by
management and/or evaluated by some investors, in addition to net income per
share computed in accordance with GAAP, as an additional basis for assessing
period-to-period results of our business. Adjusted net income attributable to
Wynn Resorts, Limited and adjusted net income attributable to Wynn Resorts,
Limited per diluted share may be different from the calculation methods used by
other companies and, therefore, comparability may be limited.
The Company has included schedules in the tables that accompany this release
that reconcile (i) net income attributable to Wynn Resorts, Limited to adjusted
net income attributable to Wynn Resorts, Limited, (ii) operating income (loss)
to Adjusted Property EBITDAR, and (iii) net income attributable to Wynn Resorts,
Limited to Adjusted Property EBITDAR.
3
WYNN RESORTS, LIMITED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Nine
Months Months
Ended Ended
Septem… Septe…
Oper… 30, 30,
reve… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Casi… $ 1,050… $ 1,174,… $ 3,402,… $ 3,266…
Rooms 261,4… 270,484 842,183 836,0…
Food
and 257,6… 261,990 781,020 772,9…
beve…
Ente…
reta… 119,4… 126,556 376,553 395,9…
and
other
Total
oper… 1,689… 1,833,… 5,402,… 5,271…
reve…
Oper…
expe…
Casi… 674,2… 705,421 2,128,… 1,983…
Rooms 83,425 86,385 261,785 256,5…
Food
and 226,2… 231,100 691,762 656,1…
beve…
Ente…
reta… 49,968 54,541 161,071 174,7…
and
other
Gene…
and 276,4… 275,035 821,732 831,5…
admi…
Prov…
for 9,023 4,505 20,010 9,254
cred…
loss…
Pre-… 2,644 7,289 23,621 23,862
Depr…
and 166,7… 152,828 492,730 461,1…
amor…
Prop…
char… 22,031 6,154 43,322 31,631
and
other
Total
oper… 1,510… 1,523,… 4,644,… 4,428…
expe…
Oper… 178,2… 310,489 758,414 843,6…
inco…
Other
inco…
(exp…
Inte… 12,645 16,581 38,511 51,799
inco…
Inte…
expe…
net -151,… -157,5… -456,2… -469,…
of
amou…
capi…
Chan…
in
deri… 10,498 -13,176 100,555 -43,8…
fair
value
Loss
on
debt -5,389 -618 -5,389 -1,701
fina…
tran…
Other -1,901 33,868 -34,081 -10,6…
Other
inco… -135,… -120,9… -356,6… -474,…
(exp…
net
Inco…
befo… 42,340 189,563 401,736 369,5…
inco…
taxes
Prov…
for -5,577 -61,136 -31,863 -82,7…
inco…
taxes
Net 36,763 128,427 369,873 286,7…
inco…
Less:
net
inco…
attr… -19,4… -40,086 -92,036 -59,4…
to
nonc…
inte…
Net
inco…
attr…
to $ 17,321 $ 88,341 $ 277,837 $ 227,3…
Wynn
Reso…
Limi…
Basic
and
dilu…
net
inco…
per
comm…
shar…
Net
inco…
attr…
to
Wynn
Reso…
Limi…
Basic $ 0.17 $ 0.86 $ 2.71 $ 2.19
Dilu… $ 0.17 $ 0.85 $ 2.58 $ 2.18
Weig…
aver…
comm…
shar…
outs…
Basic 102,0… 102,909 102,550 103,9…
Dilu… 102,2… 103,636 103,013 104,3…
4
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
TO ADJUSTED NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED
(in thousands, except per share data)
(unaudited)
Three Nine
Months Months
Ended Ended
Septem… Septemb…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
income
attrib… $ 17,321 $ 88,341 $ 277,837 $ 227,306
to Wynn
Resort…
Limited
Pre-op… 2,644 7,289 23,621 23,862
expens…
Proper…
charges 22,031 6,154 43,322 31,631
and
other
Change
in
deriva… -10,498 13,176 -100,555 43,827
fair
value
Loss on
debt 5,389 618 5,389 1,701
financ…
transa…
Foreign
curren…
remeas… 1,901 -33,868 34,081 10,670
and
other
Income
tax
impact -4,963 2,846 -7,347 -2,008
on
adjust…
Noncon…
intere…
impact 67 4,143 14,730 -21,810
on
adjust…
Adjust…
net
income
attrib… $ 33,892 $ 88,699 $ 291,078 $ 315,179
to Wynn
Resort…
Limited
Adjust…
net
income
attrib…
to Wynn $ 0.33 $ 0.86 $ 2.83 $ 3.02
Resort…
Limited
per
diluted
share
Weight…
average
common
shares 102,267 103,636 103,013 104,373
outsta…
-
diluted
5
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
T…
M…
E…
S…
3…
2…
──────────────────────────────────────────────────────────────────────────────
W… W… O… … … … …
P… M… M… … … … … …
… … … …
…
… $ 6… $ 5… $ -… $ 1… $ 4… $ -… $ 3… $ 1…
…
… 3… — — 3… 2… — 1… 2…
…
…
… 5… 2… 3… 7… 6… 1… 4… 1…
…
…
… 1… 2… 1… 1… 4… 9… 3… 2…
…
…
…
… 1… 1… — 2… 2… 9… -… —
…
…
…
… 2… 2… 9… 1… 8… 2… 1… 3…
…
…
… 4… 5… 7… 9… 2… 1… 7… 2…
…
…
…
… — — — — — 3… — 3…
…
…
…
… $ 1… $ 8… $ — $ 2… $ 1… $ 5… $ — $ 4…
…
T…
M…
E…
S…
3…
2…
──────────────────────────────────────────────────────────────────────────────
W… W… O… … … … …
P… M… M… … … … … …
… … … …
…
… $ 1… $ 7… $ -… $ 1… $ 9… $ -… $ 3… $ 3…
…
… 1 — — 1 2… — 7… 7…
…
…
… 6… 1… 3… 7… 5… 1… 2… 1…
…
…
… 4… 1… 12 4… 1… 1… 1… 6…
…
…
…
… 2… 1… — 3… 2… 1… -… —
…
…
…
… 1… 1… 8… 1… 6… 1… 1… 3…
…
…
… 1… 1… 9… 3… 1… 3… 7… 2…
…
…
…
… — — — — — 3… — 3…
…
…
…
… $ 2… $ 1… $ — $ 3… $ 2… $ 5… $ — $ 5…
…
6
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
N…
M…
E…
S…
3…
2…
──────────────────────────────────────────────────────────────────────────────
W… W… O… … … … …
P… M… M… … … … … …
… … … …
…
… $ 2… $ 1… $ -… $ 4… $ 2… $ -… $ 1… $ 7…
…
… 1… 1… — 1… 5… — 1… 2…
…
…
… 1… 6… 1… 2… 1… 4… 1… 4…
…
…
… 2… 3… 2… 2… 1… 3… 6… 4…
…
…
…
… 6… 3… — 9… 8… 2… -… —
…
…
…
… 7… 7… 2… 3… 2… 5… 4… 1…
…
…
… 6… 7… 2… 1… 1… 2… 2… 6…
…
…
…
… — — — — — 1… — 1…
…
…
…
… $ 5… $ 2… $ — $ 8… $ 6… $ 1… $ — $ 1…
…
N…
M…
E…
S…
3…
2…
──────────────────────────────────────────────────────────────────────────────
W… W… O… … … … …
P… M… M… … … … … …
… … … …
…
… $ 2… $ 1… $ -… $ 4… $ 3… $ -… $ 9… $ 8…
…
… 4… — — 4… 3… — 1… 2…
…
…
… 1… 5… 1… 2… 1… 4… 7… 4…
…
…
… 6… 5… 28 1… 1… 6… 2… 3…
…
…
…
… 5… 3… — 8… 8… 3… -… —
…
…
…
… 6… 6… 2… 3… 2… 4… 5… 1…
…
…
… 3… 3… 2… 1… 3… 2… 2… 7…
…
…
…
… — — — — — 1… — 1…
…
…
…
… $ 5… $ 2… $ — $ 8… $ 6… $ 1… $ — $ 1…
…
7
WYNN RESORTS, LIMITED AND SUBSIDIARIES
RECONCILIATION OF NET INCOME ATTRIBUTABLE TO WYNN RESORTS, LIMITED TO
ADJUSTED PROPERTY EBITDAR
(in thousands)
(unaudited)
Three Nine
Months Months
Ended Ended
Septemb… Septem…
2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Net
income
attri…
to $ 17,321 $ 88,341 $ 277,837 $ 227,306
Wynn
Resor…
Limit…
Net
income
attri… 19,442 40,086 92,036 59,487
to
nonco…
inter…
Pre-o… 2,644 7,289 23,621 23,862
expen…
Depre…
and 166,782 152,828 492,730 461,156
amort…
Prope…
charg… 22,031 6,154 43,322 31,631
and
other
Tripl…
opera…
lease 35,322 34,942 105,981 105,397
rent
expen…
Corpo…
expen… 39,024 35,721 108,043 118,748
and
other
Stock… 20,205 22,664 62,845 70,901
compe…
Inter… -12,645 -16,581 -38,511 -51,799
income
Inter…
expen…
net of 151,735 157,581 456,274 469,740
amoun…
capit…
Change
in
deriv… -10,498 13,176 -100,5… 43,827
fair
value
Loss
on
debt 5,389 618 5,389 1,701
finan…
trans…
Other 1,901 -33,868 34,081 10,670
Provi…
for 5,577 61,136 31,863 82,746
income
taxes
Adjus…
Prope… $ 464,230 $ 570,087 $ 1,594,… $ 1,655,3…
EBITD…
8
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited)
… T… N…
… M… M…
… E… E…
… S… S…
… 3… P… 3… P…
… 2… 2… C… 2… 2… C…
──────────────────────────────────────────────────────────────────────────────
… $ 4… $ 5… -… $ 1… $ 1… …
… 3… 3… -… 1… 1… …
…
… 3… 3… -… 9… 9… …
…
…
… 2… 2… -… 6… 6… …
…
…
… $ 5… $ 6… -… $ 1… $ 1… …
…
… $ 1… $ 2… -… $ 5… $ 5… …
…
…
…
…
…
…
… 48 52 -… 48 53 …
…
…
… $ 2… $ 3… -… $ 9… $ 1… …
…
…
… $ 1… $ 1… -… $ 3… $ 3… …
…
…
…
…
…
…
… 3… % 4… % 3… % 3… %
a
%
…
…
…
…
…
… $ 2… $ 3… -… $ 2… $ 2… …
…
…
…
…
…
…
…
… 2… 2… 1… 2… 2… …
…
…
… $ 1… $ 2… -… $ 5… $ 5… …
…
…
… $ 4… $ 4… -… $ 1… $ 1… …
…
…
… 2… % 2… % 2… % 2… %
…
%
…
…
…
… $ 1… $ 2… -… $ 2… $ 1… …
…
…
…
…
…
… 7… 6… 8… 7… 6… …
…
…
…
… $ 7… $ 7… 0… $ 2… $ 2… …
…
…
… $ 2… $ 3… -… $ 1… $ 9… …
…
…
…
…
… $ 4… $ 5… -… $ 5… $ 5… …
…
…
…
…
…
… 9… % 9… % 9… % 9… %
… $ 2… $ 2… -… $ 2… $ 2… …
… $ 2… $ 2… -… $ 2… $ 2… …
Note: Our casino operations in Macau were closed for a 1-day period in September
2025 due to Typhoon Ragasa.
9
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)
… T… N…
… M… M…
… E… E…
… S… S…
… 3… P… 3… P…
… 2… 2… C… 2… 2… C…
──────────────────────────────────────────────────────────────────────────────
… $ 2… $ 3… -… $ 8… $ 8… …
… 2… 2… -… 6… 6… …
…
… 1… 1… -… 5… 5… …
…
…
… 1… 1… -… 3… 3… …
…
…
… $ 3… $ 3… -… $ 1… $ 1… …
…
… $ 8… $ 1… -… $ 2… $ 2… …
…
…
…
…
…
…
… 11 17 -… 11 23 …
…
…
… $ 4… $ 1… -… $ 1… $ 3… …
…
…
… $ 2… $ 2… -… $ 3… $ 7… …
…
…
…
…
…
…
… 4… % 2… % 2… % 2… %
a
%
…
…
…
…
…
… $ 2… $ 1… 2… $ 1… $ 1… …
…
…
…
…
…
…
…
… 2… 2… -… 2… 2… …
…
…
… $ 1… $ 1… -… $ 5… $ 4… …
…
…
… $ 2… $ 3… -… $ 8… $ 8… …
…
…
… 1… % 1… % 1… % 1… %
…
%
…
…
…
… $ 1… $ 1… 0… $ 1… $ 1… …
…
…
…
…
…
… 9… 8… 1… 9… 7… …
…
…
…
… $ 8… $ 8… 2… $ 3… $ 2… …
…
…
… $ 2… $ 2… 1… $ 1… $ 7… …
…
…
…
…
… $ 3… $ 3… -… $ 3… $ 3… …
…
…
…
…
…
… 9… % 9… % 9… % 9… %
… $ 2… $ 2… -… $ 2… $ 2… …
… $ 2… $ 2… -… $ 2… $ 2… …
Note: Our casino operations in Macau were closed for a 1-day period in September
2025 due to Typhoon Ragasa.
10
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)
…
… T… N…
… M… M…
… E… E…
… S… S…
… 3… P… 3… P…
… 2… 2… C… 2… 2… C…
──────────────────────────────────────────────────────────────────────────────
… $ 1… $ 1… -… $ 4… $ 4… …
… 1… 1… -… 6… 5… …
…
… 1… 1… 0… 5… 5… …
…
…
… 7… 8… -… 2… 2… …
…
…
… $ 5… $ 6… -… $ 1… $ 1… …
…
… $ 1… $ 2… -… $ 6… $ 6… …
…
…
…
…
…
… 2… 2… 5… 2… 2… …
…
…
… $ 5… $ 6… -… $ 1… $ 1… …
…
…
… $ 1… $ 1… -… $ 4… $ 4… …
…
…
… 1… % 2… % 2… % 2… %
…
%
…
…
…
… $ 4… $ 6… -… $ 6… $ 6… …
…
…
…
…
…
… 1… 1… -… 1… 1… …
…
…
…
… $ 1… $ 1… -… $ 5… $ 5… …
…
…
… $ 1… $ 1… -… $ 3… $ 3… …
…
…
…
…
… $ 8… $ 8… -… $ 8… $ 8… …
…
…
…
… $ 4… $ 5… -… $ 1… $ 1… …
…
…
…
… 8… % 8… % 8… % 8… %
… $ 5… $ 5… 3… $ 5… $ 5… …
… $ 4… $ 4… 3… $ 4… $ 4… …
11
WYNN RESORTS, LIMITED AND SUBSIDIARIES
SUPPLEMENTAL DATA SCHEDULE
(dollars in thousands, except for win per unit per day, ADR and REVPAR)
(unaudited) (continued)
…
… T… N…
… M… M…
… E… E…
… S… S…
… 3… P… 3… P…
… 2… 2… C… 2… 2… C…
──────────────────────────────────────────────────────────────────────────────
… $ 1… $ 1… -… $ 4… $ 4… …
… 2… 2… -… 6… 6… …
…
… 1… 1… -… 5… 5… …
…
…
… 1… 1… -… 3… 3… …
…
…
… $ 1… $ 2… -… $ 6… $ 6… …
…
… $ 5… $ 5… -… $ 1… $ 1… …
…
…
…
…
…
… 1… 1… -… 1… 1… …
…
…
… $ 3… $ 3… -… $ 9… $ 1… …
…
…
… $ 5… $ 6… -… $ 1… $ 2… …
…
…
… 1… % 2… % 1… % 2… %
…
%
…
…
…
… $ 3… $ 4… -… $ 4… $ 4… …
…
…
…
…
…
… 2… 2… -… 2… 2… …
…
…
…
… $ 1… $ 1… -… $ 4… $ 4… …
…
…
… $ 1… $ 1… -… $ 3… $ 3… …
…
…
…
…
… $ 4… $ 4… -… $ 4… $ 4… …
…
…
…
… $ 5… $ 5… -… $ 1… $ 1… …
…
…
…
… 9… % 9… % 9… % 9… %
… $ 4… $ 4… -… $ 4… $ 3… …
… $ 3… $ 4… -… $ 3… $ 3… …
(1) Table games win is shown before discounts, commissions and the allocation of
casino revenues to rooms, food and beverage and other revenues for services
provided to casino customers on a complimentary basis.
(2) In Macau, table drop is the amount of cash that is deposited in a gaming
table's drop box plus cash chips purchased at the casino cage. In Las Vegas,
table drop is the amount of cash and net markers issued that are deposited in a
gaming table's drop box. At Encore Boston Harbor, table drop is the amount of
cash and gross markers that are deposited in a gaming table's drop box.
(3) Slot machine win is calculated as gross slot machine win minus progressive
accruals and free play.
(4) ADR is average daily rate and is calculated by dividing total room revenues
including complimentaries (less service charges, if any) by total rooms
occupied.
(5) REVPAR is revenue per available room and is calculated by dividing total
room revenues including complimentaries (less service charges, if any) by total
rooms available.
(6) Refer to accompanying reconciliations of Operating Income (Loss) to Adjusted
Property EBITDAR and Net Income Attributable to Wynn Resorts, Limited to
Adjusted Property EBITDAR.
12
SOURCE:
Wynn Resorts, Limited
CONTACT:
Lauren Seiler
702-770-7555
investorrelations@wynnresorts.com
13