Wynn Resorts (WYNN) Q1 2026 earnings summary

Executive summary

• Operating revenues for Q1 2026 rose 9.2% year-over-year to $1.86 billion, led by strong performance at Wynn Palace and Las Vegas Operations, with net income attributable to shareholders up 65.6% to $120.5 million and diluted EPS up 50.7% to $1.04.

• Achieved $2.3 billion LTM 1Q26 Total Adjusted Property EBITDAR, with continued strong performance across all core markets and further diversification expected with the opening of Wynn Al Marjan Island in 2027.

• Ongoing investments in Las Vegas, Macau, and Boston, including the Enclave at Wynn Palace, support premium positioning and market share gains.

• Recognized for industry-leading luxury service, with more Forbes Travel Guide Five-Star Awards than any other independent hotel company globally.

• Regular quarterly dividend declared at $0.25 per share; $54 million of stock repurchased in the quarter.

Financial highlights

• Q1 2026 consolidated Adjusted Property EBITDAR was $562.4 million (30.3% margin), with Las Vegas EBITDAR at $232.5 million (35.1% margin), Wynn Palace at $203.8 million, and Encore Boston Harbor at $50.5 million.

• Casino revenues grew 13.1% to $1.18 billion, representing 63.4% of total revenues; Wynn Palace revenues up 23% to $659.3 million.

• Operating expenses increased 9.9% to $1.57 billion, mainly due to higher casino and food & beverage costs.

• Cash flows from operations were $153.5 million, up from $133.8 million in Q1 2025.

• LTM 1Q26 Total Adjusted Property EBITDAR reached $2.3 billion.

Outlook and guidance

• Construction of the Enclave at Wynn Palace to begin in H2 2026, with a budget of $900–950 million and completion expected in 2.5 years.

• Wynn Al Marjan Island in UAE expected to open in 2027, with remaining equity contributions estimated at $350–450 million.

• Capex cycle expected to taper off by 2027, with major projects completing and focus shifting to free cash flow generation.

• No material domestic cash income taxes expected in 2026.

• Management is monitoring geopolitical risks in the Gulf region and taking precautions for team safety.