Wynn Resorts reported second-quarter 2026 revenue of $1.86bn, up 6.9% year-on-year, and adjusted earnings of $1.24 per share, both ahead of consensus. The beat came entirely from table hold at Wynn Palace, which masked declines across every other property.
Consolidated EBITDAR rose just 2.9% to $568.3m, while margin fell from 31.8% to 30.6%. Wynn Palace delivered $201.5m EBITDAR, up 28.2%, but the driver was an anomalous mass-segment hold of 29.7% against 22.3% a year earlier. At last year's hold rate, win would have been $140m lower — against group-wide EBITDAR growth of just $15.9m, this is not rounding error.
Las Vegas revenue was flat at $643.2m, while EBITDAR fell 8.3% to $215.2m. Margin compressed from 36.8% to 33.5% as operating costs rose 6.2%, driven by wage indexation and new space. Encore Boston Harbor saw revenue drop 3% and EBITDAR down 12.2%, hurt by table hold at the low end of range.
CEO Craig Billings acknowledged the company stopped normalising mass hold in its reporting because 'nobody liked it'. Asked whether the trend would hold, he demurred: the uptick may reflect growth in side bets and the new Chairman's Club, which extends playing time.
UAE delay and budget up $600m
Wynn Al Marjan Island in the UAE has been pushed to September 2027, with the budget raised to $5.7bn. Wynn's share in the joint venture is 40%; the additional outlay will be around $240m. Billings said the investment thesis has not changed.
In Macau the company launched two expansion projects at Wynn Palace: a convention centre and theatre, due in 2028, and a 432-room hotel tower called Enclave, opening in 2029. Total capex under the concession is $2.6bn, of which $1.6bn is PP&E.
Baseline EBITDAR has been stuck in the $562m to $570m range for four quarters running, despite revenue growth. Without table luck, the quarter would have been weak.
