Wynn Resorts Ltd (WYNN) · Nov 5, 2026 · Earnings

Wynn Resorts Q3 earnings miss as every property weakens

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 2026Q3 2025Consensus
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.

What to watch next

Wynn Al Marjan Island opening, September 2027

Original filing on SEC EDGAR

More Wynn Resorts Ltd news

Wynn Resorts Q3 earnings miss as every property weakens | WYNN Stock News
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