Wynn Resorts — Third Quarter 2026 Earnings Summary

Financial Performance:

• Operating revenues were $1.69 billion for the third quarter of 2026, a decrease of $144.7 million (7.9%) from $1.83 billion in the third quarter of 2025.
• Net income attributable to Wynn Resorts, Limited was $17.3 million for the third quarter of 2026, compared to $88.3 million in the third quarter of 2025.
• Diluted net income per share was $0.17 for the third quarter of 2026, compared to $0.85 in the third quarter of 2025.
• Adjusted net income attributable to Wynn Resorts, Limited was $33.9 million ($0.33 per diluted share) for the third quarter of 2026, compared to $88.7 million ($0.86 per diluted share) in the third quarter of 2025.
• Adjusted Property EBITDAR was $464.2 million for the third quarter of 2026, a decrease of $105.9 million (18.6%) from $570.1 million in the third quarter of 2025.
• Total current and long-term debt outstanding was $10.73 billion as of September 30, 2026.
• Cash and cash equivalents totaled $1.64 billion as of September 30, 2026, excluding $150.2 million of short-term investments held by Wynn Macau, Limited.

Business Segments and Product Lines:

• Wynn Palace: Operating revenues decreased $51.7 million to $583.8 million; Adjusted Property EBITDAR decreased $34.5 million to $165.8 million. Mass market table games win percentage was 25.8% (vs. 22.6% in 2025). VIP table games win as a percentage of turnover was 3.82% (vs. 4.68% in 2025).
• Wynn Macau: Operating revenues decreased $30.1 million to $335.4 million; Adjusted Property EBITDAR decreased $18.5 million to $89.5 million. Mass market table games win percentage was 17.1% (vs. 18.7% in 2025). VIP table games win as a percentage of turnover was 4.88% (vs. 2.93% in 2025).
• Las Vegas Operations: Operating revenues decreased $45.8 million to $575.2 million; Adjusted Property EBITDAR decreased $44.6 million to $158.8 million. Table games win percentage was 18.9% (vs. 23.0% in 2025).
• Encore Boston Harbor: Operating revenues decreased $17.1 million to $194.7 million; Adjusted Property EBITDAR decreased $8.3 million to $50.1 million. Table games win percentage was 18.9% (vs. 20.5% in 2025).
• Wynn Al Marjan Island: The Company contributed $62.2 million of cash to the 40%-owned joint venture during the quarter, bringing life-to-date contributions to $1.12 billion. The project is expected to open in September 2027.

Other Key Points:

• The Board of Directors declared a cash dividend of $0.25 per share, payable on November 30, 2026, to stockholders of record as of November 16, 2026.
• During the third quarter of 2026, the Company repurchased 627,475 shares of common stock at an average price of $92.61 per share for an aggregate cost of $58.1 million.
• As of September 30, 2026, the Company had $268.0 million in remaining repurchase authority.
• In September 2026, WRF and Wynn Resorts Capital Corp. issued $900.0 million of 6.875% Senior Notes due 2035 and used the proceeds to redeem $900.0 million of Wynn Las Vegas 5.250% Senior Notes due 2027.
• Available borrowing capacity was $1.03 billion under the WRF Revolver and $1.35 billion under the WM Cayman II Revolver as of September 30, 2026.

Management Commentary and Tone:

• CEO Craig Billings stated that results demonstrated "strong operational discipline" across regions.
• Management noted that Wynn Las Vegas and Macau properties saw "healthy demand" despite slower market conditions.
• Wynn Las Vegas was negatively impacted by a hold rate outside of the expected range.
• The Boston team managed through a strike beginning in early September, ensuring continued guest service.
• Substantial progress was reported on finishing works at Wynn Al Marjan Island, including interior fit-out of all guest rooms.