Wynn Resorts, Limited

Wynn Las Vegas generated $215.2 million of adjusted property EBITDAR on $643.2 million of operating revenue, for a 33.5% margin. Encore Boston Harbor generated $56.1 million of adjusted property EBITDAR on $209.3 million of revenue, for a 26.8% margin. Macau generated $297 million of adjusted property EBITDAR on $1 billion of operating revenue, for a 29.6% margin, and management said VIP normalized EBITDA was $306 million. On a reported basis, management cited a negative impact from unfavorable VIP hold of just over $8.6 million in Macau and just over $3.6 million in Las Vegas. For guidance, Wynn Al Marjan Island is now expected to open in September 2027, with the total project budget up by approximately $600 million; Macau 2026 expansionary CapEx is now expected to be $350 million to $400 million; and Las Vegas OpEx per day is still expected to run about $4.4 million to $4.7 million through the rest of the year.

Craig Billings sounded upbeat and confident across the portfolio. In Las Vegas, he highlighted stronger drop, handle and RevPAR, plus good pacing for F1 and group business into Q4 and 2027. In Macau, he framed the new Event Center/Theater and Enclave as confidence in the market, and in the UAE he stressed that Wynn Al Marjan Island remains a high-conviction, one-of-a-kind project despite the higher budget and geopolitical backdrop.

Craig Fullalove focused on the numbers and cost discipline. He said Las Vegas adjusted property EBITDAR was $215.2 million on $643.2 million of revenue, Boston was $56.1 million on $209.3 million, and Macau was $297 million on $1 billion, with margins of 33.5%, 26.8% and 29.6%, respectively. He also noted global liquidity of $4 billion in cash and revolver availability as of June 30, the Macau final dividend of $150 million versus $124 million previously, the Wynn Resorts quarterly dividend of $0.25 per share, $153 million of total CapEx in the quarter, $48.1 million of equity contributed to Wynn Al Marjan Island, and about $1.06 billion of cumulative equity there. He added that 2026 Las Vegas OpEx per day should stay in the $4.4 million to $4.7 million range.

Analysts focused heavily on Wynn Al Marjan Island, asking whether the September 2027 date was flexible, how management thinks about ramp and seasonality, and whether the $600 million budget increase changes returns. Management said the date reflects when construction, punch list work and operational handover should be complete, and that the project will open fully rather than in phases. Questions on Macau centered on the post-World Cup demand pattern, elevated mass table hold, VIP softness and Chairman’s Club ramp; management said the market is returning to a more normal cadence, mass strength is encouraging, VIP weakness was partly affected by hold and credit dynamics, and Chairman’s Club is still early in its ramp.