Wynn Resorts reported revenue of $1.86bn for the second quarter, up 7% year-on-year. Net income more than doubled from $66.2m to $140.1m. Adjusted EBITDA rose 3% to $568.3m. The operator also announced a six-month delay to its UAE resort opening and a $600m budget increase due to Middle East conflicts.
Macau drove the results. Wynn Palace in Cotai posted revenue of $653.4m (+21%) and adjusted EBITDAR of $201.5m (+28%). Growth came from the mass segment: mass-market table win rose 37%, while VIP turnover fell 32% and VIP table win dropped 29%. The company will begin construction by year-end on The Enclave, a 432-room tower costing $900m to $950m and opening in 2029. An event centre and theatre will break ground in the coming weeks for 2028 delivery. CEO Craig Billings said Wynn is focused on the customer type currently driving the market.
Las Vegas revenue held flat at $643.2m and casino revenue rose 6.5% to $158.1m, but segment adjusted EBITDAR fell 8% to $215.2m due to high-roller competition. Encore Boston Harbor saw revenue decline 3% to $209.2m and EBITDAR drop 12% to $56m.
Wynn closed the quarter with $1.5bn in cash and $10.7bn in debt. The company bought back $75m of its own shares. Macquarie analyst Chad Beynon maintained an outperform rating and $143 price target, citing market undervaluation of Las Vegas and Macau potential.
