Wynn Resorts Ltd (WYNN) · Nov 5, 2026 · Earnings
Miss — Adjusted EPS $0.33 vs ~$0.53 consensus
Wynn Resorts’ Q3 earnings missed expectations as weak casino hold, softer Macau volumes and broad EBITDAR declines outweighed its UAE progress.
Wynn is a high-end casino operator balancing a softer near-term Macau/Las Vegas environment with a heavily funded UAE expansion; its prior-quarter story still emphasized healthy demand and a September 2027 opening for Wynn Al Marjan Island.
The quarter was materially below the bar, not merely noisy. Adjusted diluted EPS of $0.33 came in well below the published consensus of roughly $0.53, while revenue of $1.69 billion missed the roughly $1.75 billion expectation. The miss was amplified by adjusted Property EBITDAR falling 18.6% year over year to $464.2 million, versus $570.1 million a year earlier.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Revenue (Financial Highlights) | $1.69B (-7.9%) | $1.83B | $1.75B |
| Adjusted diluted EPS (Adjusted net income reconciliation) | $0.33 (-61.6%) | $0.86 | $0.53 |
| Adjusted Property EBITDAR (Financial Highlights) | $464.2M (-18.6%) | $570.1M |
Weakness was broad across the operating portfolio. Las Vegas EBITDAR fell 21.9%, Wynn Palace fell 17.2%, Wynn Macau fell 17.1%, and Encore Boston Harbor fell 14.1%. The company attributes part of Las Vegas’s decline to an unusually low 18.9% table-games hold, below its expected 22%–26% range, but Macau also showed underlying pressure: Wynn Macau VIP turnover dropped 53.9% and mass-market table drop was essentially flat.
The market already expected a softer quarter, but not this degree of deterioration. Pre-release expectations had flagged unusually weak Las Vegas hold, softer Macau gaming volumes and pressure at Boston, so the direction was partly known; the surprise is the breadth of the earnings setback. This is more damaging than a single bad-luck casino quarter because revenue declined at every major property and adjusted earnings fell sharply even after excluding selected charges.
The longer-term UAE build remains on track, but it does not offset the current earnings reset. Wynn contributed another $62.2 million to the 40%-owned Wynn Al Marjan Island joint venture, bringing life-to-date contributions to $1.12 billion, with opening still targeted for September 2027.
Capital management is extending maturities while raising financing cost. Wynn replaced $900 million of 5.25% notes due 2027 with 6.875% notes due 2035, reducing near-term refinancing pressure but increasing the coupon burden. That trade-off matters more in a quarter where operating cash generation weakened and total debt stood at $10.73 billion.
Bottom line: Wynn’s expansion story is intact, but this quarter weakens the current operating story materially: the expected softness arrived across Macau, Las Vegas and Boston, and the earnings miss was substantially larger than the market had anticipated.
Wynn Al Marjan Island opening, September 2027
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