Wynn Resorts Limited reported second quarter 2026 results on August 4 showing significant profit growth, with net income climbing to $140.1 million compared to $66.2 million in the prior year period. Revenue reached $1.86 billion, while diluted earnings per share jumped to $1.32 from $0.64. However, the headline figures masked underlying weakness across much of the company’s portfolio, with performance concentrated in a single property.
Wynn Palace drove the quarterly results, generating revenue of $653.4 million, up $113.8 million year-over-year, and Adjusted Property EBITDAR of $201.5 million compared to $157.2 million in the second quarter of 2025. The property’s mass market table games win percentage reached 29.7%, significantly above the 22.3% recorded in the prior year period, indicating increased spending from non-high-roller customers. Las Vegas operations also maintained discipline in gaming metrics, with table games win percentage of 23.9%, within the property’s expected range of 22% to 26%.
Three other properties reported declining adjusted EBITDAR. Las Vegas Operations’ EBITDAR fell $19.6 million to $215.2 million despite revenue gains of $4.6 million, indicating margin compression. Encore Boston Harbor faced challenges on both revenue and profitability fronts, with revenue declining $6.4 million to $209.3 million and EBITDAR falling $7.8 million to $56.1 million. Wynn Macau’s EBITDAR slipped to $95.5 million from $96.5 million, while VIP table games win percentages at both Wynn Macau and Wynn Palace fell short of company targets.
The company returned capital to shareholders through a quarterly dividend of $0.25 per share and repurchased 741,098 shares at an average price of $101.20 for $75.0 million during the quarter, leaving $326.1 million in remaining authorization. Total debt stood at $10.72 billion as of June 30, while the company continued funding Wynn Al Marjan Island, the joint venture resort in the United Arab Emirates scheduled to open in September 2027, with cumulative cash contributions reaching $1.06 billion and an additional $48.1 million invested during the quarter.
Market positioning reflected mixed sentiment. Hedge fund ownership declined modestly from 44 to 43 funds, while short interest stood at 9.64% of the float. The stock traded at a forward price-to-earnings ratio of 15.46 as of September 4, suggesting limited expectation of significant profit growth from the reported earnings increase.
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