Wynn Resorts — Third Quarter 2026 Earnings Summary

Financial Performance

• Consolidated 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 operating expenses were $1.51 billion for the third quarter of 2026, compared to $1.52 billion in the third quarter of 2025.
• Depreciation and amortization expense was $166.8 million for the third quarter of 2026, compared to $152.8 million in the third quarter of 2025.
• 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.
• Total current and long-term debt outstanding was $10.73 billion as of September 30, 2026, comprised of $5.77 billion of Macau-related debt, $4.37 billion of WRF debt, and $599.1 million of debt held by the retail joint venture.
• Available borrowing capacity under the WRF Revolver was $1.03 billion and under the WM Cayman II Revolver was $1.35 billion as of September 30, 2026.

Guidance and Future Outlook

• Wynn Al Marjan Island is currently expected to open in September 2027.
• The Company noted that actual results could differ materially from forward-looking statements due to risks including reductions in discretionary consumer spending, adverse macroeconomic conditions, changes in interest rates, inflation, regulatory changes, and geopolitical conflicts.

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. Table games win percentage in mass market operations was 25.8% (vs. 22.6% in Q3 2025). VIP table games win as a percentage of turnover was 3.82% (vs. 4.68% in Q3 2025).
• Wynn Macau: Operating revenues decreased $30.1 million to $335.4 million; Adjusted Property EBITDAR decreased $18.5 million to $89.5 million. Table games win percentage in mass market operations was 17.1% (vs. 18.7% in Q3 2025). VIP table games win as a percentage of turnover was 4.88% (vs. 2.93% in Q3 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%, below the expected range of 22% to 26% and below 23.0% in Q3 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%, within the expected range of 18% to 22% and below 20.5% in Q3 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 cash contributions to $1.12 billion. Interior fit-out of all guest rooms is ongoing.

Market and Competitive Landscape

• Wynn Las Vegas and Macau properties experienced healthy demand despite slower market conditions.
• Wynn Las Vegas was negatively impacted by a hold rate outside of its expected range.
• The Company noted extensive regulation of its business and competition in the casino/hotel and resort industries as key market factors.

Risks and Challenges

• Risks include reductions in discretionary consumer spending, adverse macroeconomic conditions, changes in interest rates, inflation, and a decline in general economic activity.
• Challenges include the ability to maintain gaming licenses and concessions, dependence on key employees, geopolitical conflicts, adverse tourism trends, and construction and regulatory risks associated with the Wynn Al Marjan Island project.
• Cybersecurity risk and leverage/ability to meet debt service obligations are also cited as potential risks.

Management Commentary and Tone

• CEO Craig Billings stated that the third quarter results demonstrated "strong operational discipline" across all regions.
• Management highlighted that the Boston team managed through a strike beginning in early September to continue delighting guests.
• Management noted substantial progress on the Wynn Al Marjan Island finishing works.

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.
• In September 2026, WRF 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.
• 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 repurchase authority remaining under its equity repurchase program.
• A conference call to discuss results is scheduled for November 5, 2026, at 1:30 p.m. PT.
• Financial information for Wynn Resorts Finance, LLC for the quarter ended September 30, 2026, will be made available to noteholders and analysts on or before November 16, 2026.