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Wynn Resorts' Q3 Earnings Miss Estimates on Weak Gaming Results
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Key Takeaways
WYNN's Q3 adjusted EPS fell 61.6% YoY to 33 cents, while revenues declined 7.9% to $1.69 billion.
Softer Macau gaming and unfavorable Las Vegas table games hold pressured Wynn Resorts' quarterly EBITDAR.
WYNN repurchased $58.1M in shares and advanced its UAE resort project, targeting a September 2027 opening.
Wynn Resorts, Limited (WYNN - Free Report) reported third-quarter 2026 results, with earnings and revenues missing the Zacks Consensus Estimate by 43.1% and 4.67%, respectively. Adjusted earnings per share (EPS) declined 61.6%, while revenues fell 7.9% year over year.
The company noted softer gaming activity in Macau, unfavorable table games hold in Las Vegas and labor-related disruptions in Boston. Adjusted Property EBITDAR declined to $464.2 million in the third quarter from $570.1 million a year ago. The consolidated EBITDAR margin contracted to 27.5% from 31.1% in the prior-year quarter.
WYNN's Q3 Earnings & Revenues
The company reported adjusted EPS of $0.33 in the third quarter of 2026, missing the Zacks Consensus Estimate of $0.58. In the prior-year quarter, the company reported adjusted EPS of $0.86.
Wynn Resorts, Limited Price, Consensus and EPS Surprise
Quarterly operating revenues of $1.69 billion missed the consensus mark of $1.77 billion. The top line declined from $1.83 billion reported in the third quarter of 2025.
WYNN's Q3 Profitability
On a reported basis, net income attributable to Wynn Resorts declined to $17.3 million in the third quarter of 2026 from $88.3 million in the year-ago quarter. Operating income decreased to $178.2 million from $310.5 million in the corresponding prior-year period.
Total operating expenses declined to $1.51 billion from $1.52 billion in the prior-year quarter. However, depreciation and amortization increased to $166.8 million from $152.8 million, while property charges and other expenses rose to $22 million from $6.2 million. Casino revenues declined to $1.05 billion from $1.17 billion in the year-ago quarter.
Wynn Palace generated operating revenues of $583.8 million in the third quarter of 2026, declining $51.7 million from $635.5 million in the prior-year period. Macau operations faced softer gaming volumes, particularly during September, amid a competitive market environment. Our estimate for the metric was $646.9 million.
Adjusted Property EBITDAR declined to $165.8 million from $200.3 million in the year-ago quarter. Mass-market table games win percentage increased to 25.8% from 22.6% a year earlier. VIP table games win percentage was 3.82%, above the property's expected range of 3.1% to 3.4% but below the prior-year level of 4.68%.
Wynn Macau Faces Pressure From Lower Gaming Activity in Q3
Wynn Macau reported operating revenues of $335.4 million in the third quarter, down $30.1 million from $365.5 million in the year-ago quarter. Our estimate for the metric was $361.7 million. Across its Macau operations, WYNN reported a 23.7% year-over-year decline in VIP turnover and a 7.4% decrease in mass-market table drop.
Adjusted Property EBITDAR fell to $89.5 million in the third quarter of 2026 from $108 million a year earlier. Mass-market table games win percentage declined to 17.1% from 18.7% in the prior-year quarter. However, VIP table games win percentage increased to 4.88% from 2.93%, exceeding the property's expected range.
WYNN's Las Vegas Q3 Operations Hit by Unfavorable Hold
Las Vegas Operations delivered operating revenues of $575.2 million in the third quarter of 2026, declining $45.8 million from $621 million in the year-ago quarter. Our estimate for the metric was $601.1 million.
Adjusted Property EBITDAR decreased to $158.8 million from $203.4 million a year earlier. Unfavorable table games hold reduced quarterly EBITDAR by nearly $24 million.
Table games win percentage was 18.9%, below the property's expected range of 22% to 26% and the prior-year level of 23%. Nevertheless, average daily room rate increased 3.4% year over year to $522, while revenue per available room rose 3.2% to $447, reflecting resilience in luxury hotel pricing.
Wynn's Encore Boston Harbor Q3 Results Reflect Disruptions
Encore Boston Harbor generated operating revenues of $194.7 million in the third quarter of 2026, down $17.1 million from $211.8 million in the year-ago quarter. Our estimate for the metric was $208.2 million. Performance was affected by a labor strike that began in September, alongside softer gaming results.
Adjusted Property EBITDAR declined to $50.1 million from $58.4 million in the prior-year quarter. Table games win percentage decreased to 18.9% from 20.5% a year earlier, while revenue per available room declined 4.1% year over year to $395. Operating expenses per day fell 4.4% to $1.11 million, partly reflecting temporary labor-related cost reductions.
WYNN Continues Capital Returns and UAE Development
WYNN ended September 2026 with cash and cash equivalents of $1.64 billion, excluding $150.2 million of short-term investments held by Wynn Macau. Total outstanding debt stood at $10.73 billion.
The company repurchased 627,475 shares for $58.1 million during the third quarter. Its board declared a cash dividend of $0.25 per share, payable Nov. 30, 2026, to its shareholders of record as of Nov. 16.
Development of Wynn Al Marjan Island continued, with cumulative equity contributions reaching $1.12 billion as of September 2026. The resort remains on schedule for a September 2027 opening. WYNN expects remaining equity contributions of $465 million to $590 million for the Wynn Al Marjan Island and Janu developments.
WYNN’s Zacks Rank & Key Picks
Wynn Resorts currently has a Zacks Rank #4 (Sell).
Cinemark stock has surged 72.3% in the year-to-date period. The Zacks Consensus Estimate for CNK’s 2026 sales and EPS implies growth of 17.7% and 155.8%, respectively, from the year-ago levels.
Hasbro currently flaunts a Zacks Rank #1. The company delivered a trailing four-quarter earnings beat of 55.9%, on average. Hasbrostock has gained 45.8% in the year-to-date period.
The Zacks Consensus Estimate for Hasbro’s 2026 sales and EPS indicates growth of 9.6% and 20.8%, respectively, from the year-ago period’s levels.
AMC Entertainment presently carries a Zacks Rank #2 (Buy). The company delivered a trailing four-quarter earnings surprise of 321.7%, on average. AMC Entertainment stock has rallied 97.5% in the year-to-date period.
The Zacks Consensus Estimate for AMC Entertainment’s 2026 sales and EPS indicates an increase of 18.8% and 91.7%, respectively, from the year-ago levels.
View the Zacks #1 Rank List
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Wynn Resorts' Q3 Earnings Miss Estimates on Weak Gaming Results
Key Takeaways
Wynn Resorts, Limited (WYNN - Free Report) reported third-quarter 2026 results, with earnings and revenues missing the Zacks Consensus Estimate by 43.1% and 4.67%, respectively. Adjusted earnings per share (EPS) declined 61.6%, while revenues fell 7.9% year over year.
The company noted softer gaming activity in Macau, unfavorable table games hold in Las Vegas and labor-related disruptions in Boston. Adjusted Property EBITDAR declined to $464.2 million in the third quarter from $570.1 million a year ago. The consolidated EBITDAR margin contracted to 27.5% from 31.1% in the prior-year quarter.
WYNN's Q3 Earnings & Revenues
The company reported adjusted EPS of $0.33 in the third quarter of 2026, missing the Zacks Consensus Estimate of $0.58. In the prior-year quarter, the company reported adjusted EPS of $0.86.
Wynn Resorts, Limited Price, Consensus and EPS Surprise
Wynn Resorts, Limited price-consensus-eps-surprise-chart | Wynn Resorts, Limited Quote
Quarterly operating revenues of $1.69 billion missed the consensus mark of $1.77 billion. The top line declined from $1.83 billion reported in the third quarter of 2025.
WYNN's Q3 Profitability
On a reported basis, net income attributable to Wynn Resorts declined to $17.3 million in the third quarter of 2026 from $88.3 million in the year-ago quarter. Operating income decreased to $178.2 million from $310.5 million in the corresponding prior-year period.
Total operating expenses declined to $1.51 billion from $1.52 billion in the prior-year quarter. However, depreciation and amortization increased to $166.8 million from $152.8 million, while property charges and other expenses rose to $22 million from $6.2 million. Casino revenues declined to $1.05 billion from $1.17 billion in the year-ago quarter.
WYNN's Wynn Palace Q3 Results Reflect Softer Gaming Volumes
Wynn Palace generated operating revenues of $583.8 million in the third quarter of 2026, declining $51.7 million from $635.5 million in the prior-year period. Macau operations faced softer gaming volumes, particularly during September, amid a competitive market environment. Our estimate for the metric was $646.9 million.
Adjusted Property EBITDAR declined to $165.8 million from $200.3 million in the year-ago quarter. Mass-market table games win percentage increased to 25.8% from 22.6% a year earlier. VIP table games win percentage was 3.82%, above the property's expected range of 3.1% to 3.4% but below the prior-year level of 4.68%.
Wynn Macau Faces Pressure From Lower Gaming Activity in Q3
Wynn Macau reported operating revenues of $335.4 million in the third quarter, down $30.1 million from $365.5 million in the year-ago quarter. Our estimate for the metric was $361.7 million. Across its Macau operations, WYNN reported a 23.7% year-over-year decline in VIP turnover and a 7.4% decrease in mass-market table drop.
Adjusted Property EBITDAR fell to $89.5 million in the third quarter of 2026 from $108 million a year earlier. Mass-market table games win percentage declined to 17.1% from 18.7% in the prior-year quarter. However, VIP table games win percentage increased to 4.88% from 2.93%, exceeding the property's expected range.
WYNN's Las Vegas Q3 Operations Hit by Unfavorable Hold
Las Vegas Operations delivered operating revenues of $575.2 million in the third quarter of 2026, declining $45.8 million from $621 million in the year-ago quarter. Our estimate for the metric was $601.1 million.
Adjusted Property EBITDAR decreased to $158.8 million from $203.4 million a year earlier. Unfavorable table games hold reduced quarterly EBITDAR by nearly $24 million.
Table games win percentage was 18.9%, below the property's expected range of 22% to 26% and the prior-year level of 23%. Nevertheless, average daily room rate increased 3.4% year over year to $522, while revenue per available room rose 3.2% to $447, reflecting resilience in luxury hotel pricing.
Wynn's Encore Boston Harbor Q3 Results Reflect Disruptions
Encore Boston Harbor generated operating revenues of $194.7 million in the third quarter of 2026, down $17.1 million from $211.8 million in the year-ago quarter. Our estimate for the metric was $208.2 million. Performance was affected by a labor strike that began in September, alongside softer gaming results.
Adjusted Property EBITDAR declined to $50.1 million from $58.4 million in the prior-year quarter. Table games win percentage decreased to 18.9% from 20.5% a year earlier, while revenue per available room declined 4.1% year over year to $395. Operating expenses per day fell 4.4% to $1.11 million, partly reflecting temporary labor-related cost reductions.
WYNN Continues Capital Returns and UAE Development
WYNN ended September 2026 with cash and cash equivalents of $1.64 billion, excluding $150.2 million of short-term investments held by Wynn Macau. Total outstanding debt stood at $10.73 billion.
The company repurchased 627,475 shares for $58.1 million during the third quarter. Its board declared a cash dividend of $0.25 per share, payable Nov. 30, 2026, to its shareholders of record as of Nov. 16.
Development of Wynn Al Marjan Island continued, with cumulative equity contributions reaching $1.12 billion as of September 2026. The resort remains on schedule for a September 2027 opening. WYNN expects remaining equity contributions of $465 million to $590 million for the Wynn Al Marjan Island and Janu developments.
WYNN’s Zacks Rank & Key Picks
Wynn Resorts currently has a Zacks Rank #4 (Sell).
Some better-ranked stocks from the Zacks Consumer-Discretionary sector are Cinemark Holdings, Inc. (CNK - Free Report) , Hasbro, Inc. (HAS - Free Report) and AMC Entertainment Holdings, Inc. (AMC - Free Report) .
Cinemark presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
Cinemark stock has surged 72.3% in the year-to-date period. The Zacks Consensus Estimate for CNK’s 2026 sales and EPS implies growth of 17.7% and 155.8%, respectively, from the year-ago levels.
Hasbro currently flaunts a Zacks Rank #1. The company delivered a trailing four-quarter earnings beat of 55.9%, on average. Hasbrostock has gained 45.8% in the year-to-date period.
The Zacks Consensus Estimate for Hasbro’s 2026 sales and EPS indicates growth of 9.6% and 20.8%, respectively, from the year-ago period’s levels.
AMC Entertainment presently carries a Zacks Rank #2 (Buy). The company delivered a trailing four-quarter earnings surprise of 321.7%, on average. AMC Entertainment stock has rallied 97.5% in the year-to-date period.
The Zacks Consensus Estimate for AMC Entertainment’s 2026 sales and EPS indicates an increase of 18.8% and 91.7%, respectively, from the year-ago levels.