Wynn Resorts Posts $1.86 Billion in Q1 Revenue — Las Vegas Outperforms, Macau Mixed, UAE Resort Faces Modest Delay

Wynn Resorts opened 2026 with a strong quarter, posting $1.86 billion in operating revenue for Q1 — a 9.2% increase compared to the same period a year earlier. The results, reported on May 7, beat analyst expectations and were driven by robust performance in Las Vegas and a significant surge at Wynn Palace in Macau. The quarter demonstrated the resilience of Wynn’s premium positioning even as broader macro headwinds affected parts of the gaming sector.

Las Vegas: Near-6% Revenue Growth with Record Momentum

Wynn’s Las Vegas operations generated $661.9 million in operating revenue during Q1 2026, representing a year-over-year increase of nearly 6%. Adjusted property EBITDA for the Las Vegas segment came in at $232.5 million, with an EBITDA margin of 35.1%.

Casino revenues in Las Vegas grew more than 9% year-over-year, driven by increases in both drop and handle. The hotel side also performed strongly, with revenue per available room up nearly 10% on the back of a 12% increase in room rates. Wynn reported that premium demand remains healthy, and that momentum has carried into the second quarter, with both drop and handle ahead of the prior year in April.

Management noted that the Las Vegas portfolio generated over $900 million in EBITDA in 2025, set a monthly EBITDA record in August of that year, and posted quarterly ADR records in both the second and third quarters. The Q1 2026 performance continues that trajectory.

Macau: Wynn Palace Surges While Wynn Macau Stays Mixed

Wynn’s Macau operations delivered $989.2 million in combined operating revenue for the quarter. The picture was split between the company’s two properties in the market.

Wynn Palace led the way with a strong showing. Mass drop was up 19% year-over-year and handle grew 32%, reflecting the ongoing recovery of the premium mass and VIP segments in Macau. Adjusted property EBITDA at Wynn Palace came in at $203.8 million. Lower-than-expected VIP hold negatively impacted Palace’s EBITDA by approximately $17 million — a headwind the company attributed to variance rather than structural weakness. That momentum has continued into Q2, with mass drop at Wynn Palace running ahead of the prior year in April.

Wynn Macau, the company’s second property in the market, reported revenue of $329.9 million and adjusted property EBITDA of $75.6 million, both slightly lower than a year earlier. Management attributed the decline primarily to softer VIP activity. The combined Macau segment delivered adjusted property EBITDA of $279.4 million for Q1.

Encore Boston Harbor: The One Soft Spot

Encore Boston Harbor was the outlier in an otherwise strong quarter. The Boston property generated $205.7 million in revenue and $50.5 million in adjusted property EBITDA, with an EBITDA margin of 24.6%. Both revenue and EBITDA came in below the prior year’s comparable period.

Management cited challenging weather in the Northeast and continued gaming competition from New Hampshire as contributing factors. Operating expenses per day at Boston were up 3.9% year-over-year, partly driven by union-related payroll increases, though the team has identified cost efficiencies to offset the pressure without impacting the guest experience. Despite the soft quarter, the second quarter is off to a steadier start, with drop and handle both running ahead of last year.

UAE Resort: On Track for 2027 Despite Modest Delay

Wynn’s Wynn Al Marjan Island development in the United Arab Emirates remains on track for a 2027 opening, though management acknowledged a modest delay due to logistical and shipping challenges stemming from regional conflict in the Persian Gulf. The company has contributed over $1.01 billion in equity to the joint venture to date, including $100.1 million in Q1 2026 alone.

CEO Craig Billings was careful to characterize the delay as modest and intentional in his use of that word. “Construction continues, we’re making do just fine and we will carry on,” he said on the earnings call. The company has no plans to pull back from the project and expects to be able to quantify the precise timeline adjustment in the coming months as the regional situation stabilizes.

Balance Sheet and Capital Returns

Wynn ended Q1 2026 with $1.19 billion in cash and cash equivalents, plus $607.6 million in short-term investments at Wynn Macau. Total debt stood at approximately $10.52 billion. The company returned capital to shareholders through a $0.25 per share quarterly dividend and approximately $53.8 million in share repurchases. Consolidated LTM adjusted EBITDA was approximately $2.3 billion, with a net leverage ratio of approximately 4.4 times.

The Q1 results position Wynn Resorts as a counterpoint to concerns about regional gaming softness. With Las Vegas showing durable premium demand and Macau — specifically Wynn Palace — demonstrating strong mass market growth, the company’s portfolio appears well-positioned heading into the summer travel season.