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Wynn Resorts Posts 80% Quarterly Profit Drop Amid UAE Buildout
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Wynn Resorts reported third-quarter results on November 5, 2026 showing revenue down 7.9% to $1.69 billion and net income attributable to the company down 80.4% to $17.3 million, while its life-to-date cash contributions to the Al Marjan joint venture reached $1.12 billion.
For the quarter ended September 30, 2026, operating income fell to $178.2 million from $310.5 million. Management attributed the net-income decline primarily to that $132.3 million operating-income decrease, partly offset by income-tax expense falling to $5.6 million from $61.1 million.
The quarterly filing attributed a $124.2 million, or 10.6%, decline in casino revenue primarily to lower gaming volumes across all properties, taking that category to $1.05 billion. Non-casino revenue declined 3.1% to $638.6 million.
Adjusted Property EBITDAR, Wynn’s property-level earnings measure excluding interest, taxes, depreciation, amortization, pre-opening expenses, property charges and other items, fell to $464.2 million from $570.1 million. The earnings presentation put the corresponding margin at 27.5%, down from 31.1%.
Low Hold and Weaker Volumes Pressure Results
Las Vegas Operations’ Adjusted Property EBITDAR fell $44.6 million to $158.8 million. Table-games win percentage was 18.9%, below Wynn’s expected 22%–26% range and the 23.0% recorded a year earlier. Wynn estimated that low hold reduced quarterly EBITDAR by approximately $24 million.
The weaker casino result contrasted with higher Las Vegas hotel pricing. Average daily room rate rose 3.4% to $522, while revenue per available room increased 3.2% to $447.
In Macau, combined VIP turnover fell 23.7% to $3.265 billion and mass-market table drop fell 7.4% to $3.417 billion. The combined Adjusted Property EBITDAR margin declined to 27.8% from 30.8%, showing that the quarterly pressure extended beyond Las Vegas hold.
Encore Boston Harbor operated through a strike that began in early September 2026. The ongoing labor dispute closed certain food-and-beverage outlets, helping drive a 17.3% decline in that revenue category to $15.6 million and negatively affecting the property’s EBITDAR.
Al Marjan Funding Continues
Wynn contributed $62.2 million in cash to the 40%-owned joint venture during the third quarter and $210.4 million during the first nine months of 2026. The venture is developing Wynn Al Marjan Island in Ras Al Khaimah.
Finishing work across the resort includes the interior fit-out of all guest rooms ahead of a planned September 2027 opening, chief executive Craig Billings said. The hotel tower topped out in December 2025. The project had 442 team members as of September 2026, mostly senior executives, senior management and administrative staff, with key division heads in place across gaming and non-gaming areas.
Wynn estimates its remaining 40% share of required cash contributions for Wynn Al Marjan Island and surrounding developments at $465 million to $590 million, including capitalized interest and fees, and expects the Aman-operated Janu Al Marjan Island hotel and residential project to open in 2029. A project subsidiary has an approximately $2.4 billion delayed-draw secured loan facility. Wynn is not a party to that facility but joined the Ras Al Khaimah government in providing a completion guarantee.
Cash Resources and 2027 Commitments
Wynn ended the quarter with $1.64 billion of cash and cash equivalents, excluding $150.2 million of Wynn Macau short-term investments, and $10.73 billion of current and long-term debt. For the first nine months of 2026, operating cash flow declined to $742.2 million from $874.6 million, while capital expenditure totaled $533.7 million and investment in unconsolidated affiliates reached $257.8 million.
For 2027, Wynn forecasts $475 million to $525 million of Wynn Al Marjan equity contributions alongside $750 million to $800 million of Macau project capital expenditure, and describes the initial UAE investment cycle as completing that year.
The results leave Wynn balancing lower quarterly property earnings and reduced nine-month operating cash flow against the remaining Al Marjan contributions and its 2027 Macau program. The planned UAE opening marks the scheduled end of the initial investment cycle, but the scale of spending still required makes performance at the existing resorts central to that final phase.
