The quarter cleared the market’s main benchmarks. Adjusted diluted EPS was $1.24 versus published consensus of roughly $0.99, while revenue was $1.86 billion versus approximately $1.82 billion expected.
| Metric | Q2 2026 | Q2 2025 | Market comparison |
|---|---|---|---|
| Revenue | $1.86B (Income Statement) | $1.74B (Income Statement) | ~$1.82B consensus |
| Adjusted diluted EPS | $1.24 (Adjusted Net Income reconciliation) | $1.09 (Adjusted Net Income reconciliation) | ~$0.99 consensus |
| Adjusted Property EBITDAR | $568.3M (Adjusted Property EBITDAR reconciliation) | $552.4M (Adjusted Property EBITDAR reconciliation) | Not provided |
| Net income attributable to Wynn | $140.1M (Income Statement) | $66.2M (Income Statement) | — |
Wynn Palace supplied most of the operating upside. Its revenue rose 21.1% to $653.4 million and Adjusted Property EBITDAR climbed 28.2% to $201.5 million, driven by stronger mass-market table win and slot performance. That more than offset weaker VIP turnover, which fell 32.0% year over year, and a VIP win rate still below the property’s expected 3.1%-3.4% range. (Wynn Palace Supplemental Information)
The consolidated earnings beat was stronger than the underlying EBITDAR growth. Adjusted Property EBITDAR increased only 2.9% to $568.3 million because Las Vegas EBITDAR fell 8.3% to $215.2 million, Encore Boston Harbor declined 12.2% to $56.1 million, and Wynn Macau slipped 1.0% to $95.5 million. The large EPS improvement also benefited from a $43.3 million derivatives fair-value gain versus a $1.1 million loss a year earlier. (Segment results — Adjusted Property EBITDAR; Income Statement)
The result still improves the core picture, but it is increasingly Macau-concentrated. Total Macau EBITDAR rose 17.0%, almost entirely because of Wynn Palace, while Las Vegas and Boston weakened. The company is also committing substantial capital to the next growth leg: it contributed $48.1 million to the 40%-owned Al Marjan Island venture during the quarter, bringing lifetime contributions to $1.06 billion, against $10.72 billion of total debt. (Segment results — Macau Operations; Al Marjan Island update; Debt and liquidity disclosures)
Net read: a genuine earnings beat, with better headline earnings than property-level momentum alone would imply. The revenue and adjusted-EPS surprises are clearly above expectations, but the quality is uneven: Wynn Palace is accelerating while the domestic properties and Wynn Macau remain soft, and the balance sheet remains heavily leveraged. (Financial Highlights; Segment results; Debt and liquidity disclosures)
Read the original 8-K on SEC EDGAR ↗