Wynn Resorts Q3 Net Income Falls 80% to $17.3 Million as Revenue Drops 7.9% to $1.69 Billion

Wynn Resorts reported on 5 November 2026 that third-quarter revenue fell 7.9% to $1.689bn and net income attributable to the company dropped 80.4% to $17.3m, as all four of its main casino properties posted lower results.

The results, filed with the US Securities and Exchange Commission (SEC), also show the company adding $62.2m to its United Arab Emirates project during the quarter and closing out a $900m refinancing. Separately, the Encore Boston Harbor strike ended when union workers ratified a new contract.

Wynn Resorts Q3 2026 results at a glance

Group revenue, profit and EBITDAR all declined year on year in the quarter, while the nine-month picture is mixed. EBITDAR is earnings before interest, taxes, depreciation, amortization and rent; Wynn reports it at property level on an adjusted basis.

Over nine months, revenue rose 2.5% to $5.403bn from $5.272bn, and net income attributable to Wynn rose to $277.8m from $227.3m. Adjusted EBITDAR for the period was $1.595bn against $1.655bn, down 3.6%, and adjusted net income was $291.1m against $315.2m.

The board declared a $0.25 dividend, payable on 30 November to holders of record on 16 November. Wynn repurchased 627,475 shares for $58.1m in the quarter, an average of $92.61 a share, and has $268.0m of buyback authority left.

Property performance: Las Vegas, Macau and Boston

Adjusted EBITDAR fell by between 14% and 22% at every property, and win rates were a major swing factor in Las Vegas and Macau. Win rate is the share of gambling turnover or drop that the casino keeps.

Las Vegas. The table-games win rate was 18.9%, below the expected range of 22% to 26% and the 23.0% recorded a year earlier. Occupancy was 85.5% and the average daily rate (ADR) rose 3.4% to $522.

Wynn Palace. VIP turnover fell 14.3% to $2.79bn. The VIP win rate of 3.82% was above the expected 3.1% to 3.4% range, which cushioned the decline. Occupancy was 99.0%.

Wynn Macau. VIP turnover dropped 53.9% to $470.4m, with a VIP win rate of 4.88%. The mass-market win rate was 17.1% against 18.7% a year earlier. Occupancy was 99.1%, so both Macau resorts ran at or above 99%.

Encore Boston Harbor. Revenue was down 8.1%. According to WBUR, the property's September gaming revenue was about $46.1m, down 22.1% from $59.1m, during the strike.

Encore Boston Harbor strike ends

Union workers at Encore Boston Harbor ratified a new contract on Thursday 5 November, according to WHDH. About 1,300 workers had walked out on 4 September after their previous contract expired, per CDC Gaming Reports. WBUR reported that staff returned to work on Friday.

On the Q3 call, which took place the same day, CEO Craig Billings said a framework for resolution had been reached and that a ratification vote would begin that day. The strike fell inside the third quarter, so its cost sits in the Boston figures above.

UAE project: $1.12bn contributed, opening still September 2027

Wynn put $62.2m of cash into the joint venture building Wynn Al Marjan Island in Q3, taking its life-to-date contribution to $1.12bn. In Q2 it had contributed $48.1m, which brought the total to $1.06bn. Wynn holds 40% of the venture, and the opening remains set for September 2027, unchanged from the Q2 release.

Billings said fit-out of all guest rooms is under way. Further detail from the call, as reported in a transcript, covers the funding picture:

• $1.76bn of the project's construction loan has been drawn.
• Wynn's remaining equity need, including the Janu project, is $465m to $590m.
• The budget was raised by $600m on the Q2 call, of which Wynn's 40% share is about $240m.

The resort follows a licensing path Gamingo has tracked since the start. See earlier coverage of the first gaming license awarded to Wynn in the UAE, the project's name and first images, and the regulatory framework under the General Commercial Gaming Regulatory Authority (GCGRA). On the supplier side, Aristocrat became the first gaming vendor licensed in the UAE, and MGM Resorts has also filed for a UAE casino licence.

Balance sheet and refinancing

Wynn held $1.64bn of cash at quarter-end, excluding $150.2m of short-term investments held by Wynn Macau, Limited (WML), and carried total debt of $10.73bn.

In September 2026 the company issued $900m of 6.875% senior notes due 2035. It used the proceeds, together with cash on hand, to redeem $900m of Wynn Las Vegas 5.250% notes due 2027. The move pushes a 2027 maturity out to 2035 at a higher coupon.

Outlook from the call

Management said October showed a sequential recovery in gaming and hotel metrics compared with the third quarter. On development, the Macau theatre and event centre are on track for 2028 and the Enclave Tower for early 2029. Billings also spoke of possible Texas opportunities, which was commentary rather than a decision.

Status reviewed on 6 November 2026. Financial figures come from Wynn's Q3 2026 earnings release filed with the SEC on 5 November 2026, with call commentary and strike details drawn from the transcript and local news reports. More finance news and North America coverage.