Wynn Resorts Q2 2026 Earnings Call Summary

1Key Financial Results and Metrics

Wynn Las Vegas:

EBITDAR: $215 million (adjusted to $219 million with normal hold)

Operating Revenue: $643.2 million, 33.5% margin

Casino revenues increased by 5%, RevPAR up 3%, retail lease revenue up 8%.

Encore Boston Harbor:

EBITDAR: $56 million

Revenue: $209.3 million, 26.8% margin

Slot revenues increased by 1%.

Macau:

EBITDAR: $297 million on $1 billion revenue, 29.6% margin

VIP hold negatively impacted results by $8.6 million.

Overall OpEx:

Las Vegas: $4.5 million per day (up 6.2% YoY)

Boston: $1.19 million per day (up 2.9% YoY)

Macau: $2.9 million per day (up 9% YoY).

2Strategic Updates and Business Highlights

Las Vegas: Strong performance in May; positive outlook for F1 weekend and group bookings.

Boston: Record-setting quarter for RevPAR and hotel revenue; healthy demand continues.

Macau: Solid results despite unfavorable VIP hold; construction of the Enclave hotel and Event Center at Wynn Palace to begin soon.

Wynn Al Marjan Island: Construction progressing, but budget increased by $600 million due to regional disruptions and cost increases; expected opening in September 2027.

3Forward Guidance and Outlook

Positive sentiment for Las Vegas business, especially for upcoming events.

Anticipated strong group and convention bookings into Q4 and 2027.

Continued focus on premium customer experience and investment in high-value offerings.

2026 expansionary CapEx in Macau projected at $350 million to $400 million.

4Bad News, Challenges, or Points of Concern

Macau: Slight decline in rolling volumes and mass drop year-on-year, attributed to World Cup effects and seasonality.

Wynn Al Marjan Island: Increased budget and potential delays due to regional conflict-related disruptions.

Operational Costs: Rising OpEx across properties, driven by labor costs and increased business volumes.

Competitive Pressures: Noted competitive environment in Macau and Las Vegas, with some peers adopting aggressive promotional strategies that may affect market dynamics.

5Notable Q&A Insights

UAE Project: Management remains confident despite geopolitical risks; the project is expected to open in September 2027.

Macau Market Dynamics: Management sees a shift towards mass market play, with ongoing focus on premium customers; Chairman's Club still ramping up.

Las Vegas Performance: Strong convention business continues, with management feeling insulated from broader market fluctuations.

Equity Repurchase Program: Ongoing but dependent on stock price and capital needs for projects; management remains committed to capital returns.

NBA Franchise Potential: Management supportive of potential NBA franchise in Vegas, anticipating increased visitation and premium customer engagement. Overall, Wynn Resorts reported solid financial performance in Q2 2026, with strategic investments in key markets and a positive outlook, despite facing challenges related to operational costs and competitive pressures.