Wynn Shines on Strip with Record Q2, Eyes Strong 2026

While competitors like MGM Resorts and Caesars Entertainment have been experiencing the effects of slower Las Vegas visitor numbers, Wynn Resorts is swimming against the tide, posting its best-ever second-quarter adjusted earnings on the Strip.

Wynn, an “Outstanding Performer on the Strip”

Second-quarter revenue from Wynn’s Las Vegas operations rose to $638.6 million, signaling a $10 million year-over-year increase from $628.7 million in Q2 2024. 

Meantime, adjusted property earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) hit a new Q2 record of $234.8 million. 

“Wynn Las Vegas continues to be an outstanding performer on the Strip,” chief executive officer Craig Billings said during a call with analysts. 

The casino business was particularly strong, with total gaming revenue up 14.5% as both drop and handle climbed. 

Retail also remained solid. July kept the momentum going, despite the usual midweek dip in hotel traffic.

However, Wynn chose not to chase occupancy, but instead held on to its rates and remained consistent while targeting its luxury clientele. “We’ve been able to hold rate… in a market where rates have dropped,” Billings noted.

The company has also confirmed that 2026 will be a record year for group room nights and revenue. Following previously delayed room renovation plans, work on the Encore Tower will begin in the spring of 2026.

Wynn also paid $158 million to buy back 2 million shares and declared a $0.25 per share dividend, payable on August 29.

Mixed Global Results 

Internationally, Macau delivered mixed results due to a low VIP hold in May, which cost the company about $13 million. 

Nonetheless, July was a strong month amid weather-related troubles. 

“The premium segment continues to lead the market in Macau,” Billings explained, adding that renovation work was still underway at both Wynn Palace, where the Chairman’s Club gaming area is being expanded, and Wynn Macau, which is refreshing its Wynn Tower rooms.

The CEO also emphasized that the “targeted opening date” for Wynn Al Marjan Island has not been altered.

Quality Over Quantity 

When asked about Q3 and Q4 expectations, Billings emphasized Wynn’s focus on quality over quantity. “We’re not about how many people are in the building, but about who’s in the building – very particular people,” he said.

Chief operating officer Brian Gulbrants added that the Formula One race in November is pacing much better than last year, and corporate bookings are strong. “F1 is much improved… we’re maintaining our rates, unlike some of our competitors,” he said.

While acknowledging broader economic uncertainty, Wynn leadership remains upbeat. “Right now, we’re feeling good,” Billings concluded.