Wynn Resorts Stock Earnings Reports

Wynn reported a strong Q1 2026 driven by outperformance in Las Vegas and Macau. Key operational highlights: Las Vegas delivered record monthly performance in March, RevPAR up ~10% (driven by a ~12% increase in rate), gaming revenues up (table drop/handle growth) and adjusted property EBITDAR of $232.5M with a 35.1% margin. Encore Tower room remodel will begin soon. Macau produced robust results (adjusted property EBITDAR $279.4M) with very strong mass demand; VIP hold was below expectation and reduced EBITDAR by ~$17M. Wynn Palace will add The Enclave, a 432 all‑suite tower (25% more rooms, ~50% more suites) at an estimated $900M–$950M cost; management expects high flow‑through and no gaming in the tower. Boston (Encore Boston Harbor) generated $50.5M of adjusted property EBITDAR; slot revenue growth was modest amid labor/wage pressures. Wynn Al Marjan (UAE) construction continues with over 22,000 workers on site; management expects a modest delay to opening but remains highly convicted in the project. Financial position and capital allocation: liquidity of $4.4B (cash + revolver availability), consolidated net leverage ~4.4x, LTM adjusted EBITDAR ~ $2.3B, 2026 expansionary CapEx expected $400M–$450M (limited Enclave spend in 2026), total Enclave/CapEx plans to begin construction as approvals finalize. Capital returns: Wynn Macau board recommended increasing final dividend to $150M (from $125M) pending shareholder approval; Wynn Resorts declared a $0.25/share cash dividend payable May 29, 2026; buybacks of $53.8M in Q1 and ~$30.6M YTD in Q2. Al Marjan funding: $100.1M equity contributed in Q1 bringing total equity to date to $1.01B; Marjan loan drawn ~$962.3M; remaining Wynn equity share estimated ~$350M–$450M.