Wynn Q3 Profit Falls to $17.3m as Las Vegas Hold Dips Below Expected Range

^{Wynn Las Vegas on the Strip. Table games hold at the property fell below Wynn's expected range in the third quarter. (Photo: Alexander Migl / Wikimedia Commons)}

Wynn Resorts reported third-quarter 2026 net income of $17.3 million, down from $88.3 million a year earlier, as weak table games hold in Las Vegas and softer trading in Macau cut into results. Operating revenues fell $144.7 million to $1.69 billion, according to the company's earnings release dated 5 November.

Diluted earnings per share came in at $0.17, against $0.85 in the third quarter of 2025. Adjusted net income was $33.9 million, or $0.33 per share, compared with $88.7 million, or $0.86, a year ago.

Las Vegas Hold Falls Short

Las Vegas Operations produced revenue of $575.2 million, down $45.8 million, and Adjusted Property EBITDAR of $158.8 million, compared with $203.4 million. The table games win percentage was 18.9%, below the property's expected range of 22% to 26% and the 23.0% recorded a year earlier.

Across the group, Adjusted Property EBITDAR was $464.2 million, down $105.9 million from $570.1 million. Las Vegas accounted for $44.6 million of the drop, the largest of any property.

"Wynn Las Vegas and our Macau properties both saw healthy demand amid slower market conditions," said chief executive Craig Billings, adding that Las Vegas was "negatively impacted by a hold rate outside of our expected range."

Macau and Boston Soften

Wynn Palace revenue fell $51.7 million to $583.8 million, with Adjusted Property EBITDAR of $165.8 million against $200.3 million. Mass market table win was 25.8%, up from 22.6%, but VIP win of 3.82% of turnover was below last year's 4.68%, though above the property's expected range of 3.1% to 3.4%.

Wynn Macau reported revenue of $335.4 million, down $30.1 million, and Adjusted Property EBITDAR of $89.5 million versus $108.0 million. Mass market win slipped to 17.1% from 18.7%, while VIP win rose to 4.88% from 2.93%. The wider market is also cooling, with Macau's October gaming revenue falling 10% to MOP21.68bn.

Encore Boston Harbor revenue declined $17.1 million to $194.7 million, and Adjusted Property EBITDAR was $50.1 million, down from $58.4 million. Billings credited the Boston team with managing through the strike that began in early September so the resort could keep operating.

UAE Project and Shareholder Returns

Wynn contributed $62.2 million of cash to the 40%-owned joint venture building Wynn Al Marjan Island in the UAE during the quarter, taking its life-to-date contribution to $1.12 billion. The resort is expected to open in September 2027, and Billings said finishing works are under way throughout the property, including the fit-out of all guest rooms. Wynn has previously resumed construction at Al Marjan despite Middle East tension.

The board also declared a cash dividend of $0.25 per share, payable on 30 November to stockholders of record on 16 November. Wynn reported cash and cash equivalents of $1.64 billion at 30 September, excluding restricted cash.

The results show how much a single quarter of hold can move earnings at a luxury operator. With Las Vegas below its expected range and Macau growth slowing, the fourth quarter will test whether hold normalises and whether demand holds up.