Wynn Resorts Stock Earnings Reports

Wynn reported a strong Q1 driven by Las Vegas and Macau while continuing development investments globally. Key financials: Wynn Las Vegas adjusted property EBITDAR $232.5M on $661.9M revenue (35.1% EBITDAR margin); Encore Boston Harbor EBITDAR $50.5M on $205.7M revenue (24.6% margin); Macau adjusted property EBITDAR $279.4M on $989.2M revenue (28.2% margin). Operating highlights: Las Vegas RevPAR up ~10% and casino revenues up >9% (best March in property history); Macau mass drop +19% and handle +32% YoY though VIP hold was lower and reduced EBITDAR by ~$17M; Boston saw modest slot growth and continued wage pressure. Corporate liquidity and capital return: $4.4B total cash + revolver availability, consolidated net leverage ~4.4x, company declared a $0.25/share U.S. dividend and Wynn Macau proposed a higher final dividend ($150M vs $125M prior); buybacks of ~528k shares for $53.8M in Q1 and an additional $30.6M in Q2-to-date. Capital allocation and projects: announced Enclave at Wynn Palace — a 432 all-suite, $900–$950M tower (no gaming, modest F&B) to increase rooms ~25% and suites 50%; 2026 expansionary CapEx expected $400–$450M with Q1 CapEx ~$179.1M plus $100.1M equity contributed to Wynn Al Marjan (total equity to date $1.01B; Marjan loan drawn ~$962.3M; remaining equity need ~$350–$450M). Operations & costs: OpEx/day up across markets (Las Vegas OpEx/day $4.55M, up 6.8%; Macau OpEx/day ~$2.9M, up 9.9%) driven by higher volumes, contractual wage increases and new outlets; management remains disciplined on promotional spend. Development update: Wynn Al Marjan construction is progressing with logistics/supply challenges manageable but may cause a modest opening delay; team expects to quantify timing in coming months. Overall tone: confident in core markets, committed to returns to shareholders, disciplined on reinvestment, and proceeding with strategic growth projects.