Wynn Returns to Profit on Strength in Macau and Las Vegas

Wynn Resorts reported a solid third quarter, delivering $1.83 billion in operating revenue for the period ending September 30. Analysts had projected closer to $1.75 billion, so the company came in above expectations. Net income totaled $88.3 million, marking a turnaround from the same period last year, when Wynn recorded a loss of $32.1 million.

Good to Know

• Macau performance was the key revenue driver
• Las Vegas delivered growth despite citywide visitor declines
• Construction on Wynn Al Marjan Island remains on schedule

Rebound Quarter Anchored by Macau

Craig Billings, CEO of Wynn Resorts, highlighted strong results from the company’s Asia operations. Billings said:

“Our third quarter results were marked by impressive EBITDA growth in Macau, and continued outperformance in Las Vegas. In Macau, we achieved healthy market share and saw a significant increase in mass table drop year over year.”

Wynn Palace stood out with a roughly 18% lift in revenue, while Wynn Macau also posted gains, though at a smaller pace. The quarter reflected renewed travel demand and stronger spending across mass gaming segments.

Las Vegas Defies a Slowing Tourism Cycle

Billings also pointed to steady performance in Las Vegas:

“In Las Vegas, the team delivered another quarter of year over year EBITDA growth and continued to take gaming market share.”

Las Vegas has seen visitor numbers fall in recent months. September visitation dropped nearly 9%, and convention traffic declined by more than 18% compared to the prior year. Other large operators, including MGM Resorts and Caesars Entertainment, reported weaker local volumes.

Yet Wynn saw a slight revenue increase, suggesting the higher-end segment is holding firmer than the mid-market casino segment. That differential has been noted repeatedly by analysts watching the Strip.

Encore Boston Harbor Slips Slightly

Encore Boston Harbor was the one property that posted a decline, with revenue down around 1% compared to the same quarter last year. The company did not indicate major restructuring or operational changes tied to the result.

Development Strategy Shifts Overseas

Wynn recently stepped back from the contest for one of New York City’s proposed casino licenses. The company noted that opposition and extended rezoning timelines made the project less valuable compared to ongoing internal investments.

A statement explained that capital was better allocated where returns are clearer and where development timelines are more predictable.

All Eyes on Wynn Al Marjan Island

Construction continues in the United Arab Emirates on Wynn Al Marjan, a 70-story integrated gaming resort planned for opening in early 2027. The project includes more than 1,500 rooms and over twenty dining venues. Billings noted that concrete is now being poured for the last remaining floors of the tower, keeping the timeline intact.

The property is positioned as the first integrated gaming resort in the UAE and one of the company’s largest development commitments outside the United States.

FAQ

How did Wynn perform overall this quarter?

The company generated revenue above expectations and returned to profitability.

What drove the largest revenue gains?

Macau properties, especially Wynn Palace.

Why did Las Vegas growth matter?

Visitor traffic in the city declined, yet Wynn still increased revenue.

Why did Wynn step away from the New York casino bid?

The project timeline and political hurdles made capital deployment less attractive.

When will Wynn Al Marjan open?

Current schedule targets March 2027.

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