Wynn Resorts (WYNN) Q1 2026 earnings summary

Executive summary

• Operating revenues for Q1 2026 rose 9.2% year-over-year to $1.86 billion, driven by strong performance at Wynn Palace and Las Vegas Operations.

• Net income attributable to shareholders increased 65.6% to $120.5 million, with 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, with targeted capex projects and new amenities supporting 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.

Financial highlights

• Casino revenues grew 13.1% to $1.18 billion, representing 63.4% of total revenues.

• Adjusted Property EBITDAR at Wynn Palace rose 25.9% to $203.8 million; Las Vegas Operations up 4.1% to $232.5 million.

• Encore Boston Harbor 1Q26 EBITDAR was $50.5 million (24.6% margin), down from $57 million (27.5%) in 1Q25.

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

• Cash and cash equivalents as of March 31, 2026, totaled $1.19 billion (excluding $607.6 million in short-term investments at Wynn Macau).

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.