WYNN

It has been about a month since the last earnings report for Wynn Resorts (WYNN). Shares have lost about 9.5% in that time frame, underperforming the S&P 500. Will the recent negative trend continue leading up to its next earnings release, or is Wynn due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts. Wynn Resorts reported second-quarter 2026 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and bottom lines increased on a year-over-year basis.Management highlighted healthy demand across the business, including a monthly Adjusted Property EBITDAR record in Las Vegas during May and strong performance in Macau. Wynn Palace led the quarter’s growth, with revenues rising 21.1% and Adjusted Property EBITDAR increasing 28.2% year over year. In the second quarter, the company reported adjusted earnings per share of $1.24, beating the Zacks Consensus Estimate of $1.01 by 22.8%. In the prior-year quarter, Wynn Resorts reported adjusted earnings of $1.09 per share.Quarterly operating revenues of $1.86 billion surpassed the consensus mark of $1.84 billion by 0.9%. The top line increased 6.9% from $1.74 billion reported in the year-ago quarter. In the second quarter, Wynn Palace’s operating revenues amounted to $653.4 million compared with $539.6 million in the prior-year quarter. Casino revenues increased 25.9% year over year to $564.4 million, while food and beverage revenues rose 4.4% to $31.8 million.Rooms and entertainment, retail and other revenues declined 6% each to $36.2 million and $21.1 million, respectively. Adjusted Property EBITDAR increased to $201.5 million from $157.2 million, with the margin improving to 30.8% from 29.1%.In the VIP segment, table games turnover declined 32% year over year to $2.77 billion. The VIP table games win rate was 2.97% compared with 2.86% in the prior-year quarter and remained below the property’s expected range of 3.1% to 3.4%.Mass-market table drop increased 3% to $1.9 billion, while table games win rose 36.9% to $563.3 million. The mass-market table games win percentage improved to 29.7% from 22.3%. RevPAR declined 5.7% to $216, while occupancy was 98.9%. In the second quarter, Wynn Macau generated operating revenues of $351.1 million compared with $343.8 million reported in the prior-year quarter. Casino revenues increased 2.5% to $300.7 million, while entertainment, retail and other revenues rose 8.7% to $12.7 million.Rooms and food and beverage revenues declined 3.8% and 1.5% to $20.9 million and $16.8 million, respectively. Adjusted Property EBITDAR declined 1% to $95.5 million from $96.5 million.VIP table games turnover fell 56.4% year over year to $428.1 million. The VIP win rate declined to 2.58% from 3.41% and remained below the expected range.Mass-market table drop rose 8.3% to $1.75 billion, and table games win increased 6.9% to $300.2 million. Slot machine handle advanced 18%, while slot machine win climbed 38.6%. RevPAR declined 3.3% to $208. In the second quarter, operating revenues from Las Vegas Operations totaled $643.2 million compared with $638.6 million in the prior-year quarter. Casino revenues increased 6.5% to $158.1 million, while room revenues edged up 0.1% to $208.1 million.Food and beverage revenues rose 0.4% to $195.7 million. Entertainment, retail and other revenues declined 6.9% to $81.2 million. Adjusted Property EBITDAR decreased 8.3% to $215.2 million, with the margin contracting to 33.5% from 36.8%.Table drop increased 4.8% year over year to $638.2 million, while table games win rose 14.8% to $152.7 million. The table games win percentage improved to 23.9% from 21.8%.RevPAR increased 2.5% to $501, while the average daily rate rose 4.9% to $575. Occupancy declined to 87.1% from 89.2% in the year-ago quarter. In the second quarter, Encore Boston Harbor’s operating revenues amounted to $209.3 million compared with $215.7 million in the prior-year quarter. Casino revenues fell 5.9% to $152.1 million.Rooms and food and beverage revenues increased 9.7% and 7.4% to $25.1 million and $20.1 million, respectively. Entertainment, retail and other revenues declined 3.9% to $12 million.Adjusted Property EBITDAR decreased 12.2% to $56.1 million from $63.9 million. The table games win percentage fell to 18.1% from 21.3%.RevPAR increased 9.6% to $412, while the average daily rate rose 9.9% to $445. Occupancy was 92.7% compared with 92.9% in the prior-year quarter. In the second quarter, Adjusted Property EBITDAR totaled $568.3 million compared with $552.4 million in the year-ago quarter. The consolidated margin declined to 30.6% from 31.8%.Operating income increased to $297.6 million from $264.6 million reported in second-quarter 2025. Net income attributable to Wynn Resorts rose to $140.1 million from $66.2 million reported in the prior year quarter. As of June 30, 2026, cash and cash equivalents totaled $1.57 billion, excluding $527.4 million of short-term investments held by Wynn Macau. Total current and long-term debt outstanding was $10.72 billion.The company repurchased 741,098 shares for $75 million during the quarter. Wynn Resorts also declared a cash dividend of 25 cents per share, payable Aug. 28, 2026. Wynn Al Marjan Island is expected to open in September 2027. Since the earnings release, investors have witnessed a downward trend in estimates review. Currently, Wynn has a nice Growth Score of B, however its Momentum Score is doing a bit better with an A. Following the exact same course, the stock was allocated a grade of A on the value side, putting it in the top quintile for this investment strategy. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Notably, Wynn has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wynn Resorts, Limited (WYNN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q2. Today, we are looking at consumer discretionary - casino operator stocks, starting with Wynn Resorts (NASDAQ:WYNN). The Consumer Discretionary sector, by definition, is made up of companies selling non-essential goods and services. When economic conditions deteriorate or tastes shift, consumers can easily cut back or eliminate these purchases. For long-term investors with five-year holding periods, this creates a structural challenge: the sector is inherently hit-driven, with low switching costs and fickle customers. As a result, only a handful of companies can reliably grow demand and compound earnings over long periods, which is why our bar is high and High Quality ratings are rare. Casino operators run gaming resorts and facilities that generate revenue from gambling, hospitality, food and beverage, and entertainment offerings. Tailwinds include pent-up travel demand, expansion into new jurisdictions legalizing gaming, and growing interest in integrated resort developments in Asia and the Middle East. However, the industry faces notable headwinds: heavy regulatory and licensing requirements limit operational flexibility, capital expenditure for property development and renovation is substantial, and revenue is highly sensitive to macroeconomic conditions and consumer confidence. Rising competition from online gambling platforms, regional saturation in mature markets, and geopolitical risks in key international jurisdictions add further uncertainty. The 8 consumer discretionary - casino operator stocks we track reported a mixed Q2. As a group, revenues beat analysts’ consensus estimates by 0.8%. Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 5.6% since the latest earnings results. Founded by the former Mirage Resorts CEO, Wynn Resorts (NASDAQ:WYNN) is a global developer and operator of high-end hotels and casinos, known for its luxurious properties and premium guest services. Wynn Resorts reported revenues of $1.86 billion, up 6.9% year on year. This print exceeded analysts’ expectations by 1.4%. Overall, it was a very strong quarter for the company with a beat of analysts’ EPS estimates. Wynn Resorts achieved the fastest revenue growth among its peers. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 2.3% since reporting and currently trades at $95.39. Is now the time to buy Wynn Resorts? Access our full analysis of the earnings results here, it’s free. Established in 1993, Monarch (NASDAQ:MCRI) operates luxury casinos and resorts, offering high-end gaming, dining, and hospitality experiences. Monarch reported revenues of $142.6 million, up 4.2% year on year, in line with analysts’ expectations. The business had a satisfactory quarter with a beat of analysts’ EPS estimates but a slight miss of analysts’ EBITDA estimates. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 1.3% since reporting. It currently trades at $122.81. Is now the time to buy Monarch? Access our full analysis of the earnings results here, it’s free. Formerly Eldorado Resorts, Caesars Entertainment (NASDAQ:CZR) is a global gaming and hospitality company operating numerous casinos, hotels, and resort properties. Caesars Entertainment reported revenues of $2.99 billion, up 3% year on year, exceeding analysts’ expectations by 0.6%. Still, it was a softer quarter as it posted a significant miss of analysts’ EPS and EBITDA estimates. The stock is flat since the results and currently trades at $29.69. Read our full analysis of Caesars Entertainment’s results here. With its digital fingerprints on nearly every aspect of global gambling, from the Super Bowl bettor to the online poker aficionado, Flutter Entertainment (NASDAQ:FLUT) operates a portfolio of leading online sports betting and gaming brands including FanDuel, PokerStars, Paddy Power, and Sky Betting & Gaming. Flutter Entertainment reported revenues of $4.33 billion, up 3.3% year on year. This result beat analysts’ expectations by 2%. Zooming out, it was a slower quarter as it logged a significant miss of analysts’ EPS estimates. The stock is down 3% since reporting and currently trades at $101.81. Read our full, actionable report on Flutter Entertainment here, it’s free. Founded in 1976, Red Rock Resorts (NASDAQ:RRR) operates a range of casino resorts and entertainment properties, primarily in the Las Vegas metropolitan area. Red Rock Resorts reported revenues of $510.3 million, down 3% year on year. This print surpassed analysts’ expectations by 2.2%. More broadly, it was a slower quarter as it recorded a significant miss of analysts’ EPS estimates. Red Rock Resorts scored the biggest analyst estimate beat but had the slowest revenue growth of the whole group. The stock is down 11.4% since reporting and currently trades at $56.98. Read our full, actionable report on Red Rock Resorts here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. But as energy markets remained orderly and fears of a prolonged supply disruption faded, investors quickly turned their focus back to fundamentals. Want to invest in winners with rock-solid fundamentals? Check out our 9 Best Market-Beating Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

Wynn Resorts delivered second quarter results ahead of Wall Street’s expectations, driven by strong performance in both Las Vegas and Macau. Management pointed to robust casino volumes, higher hotel revenues, and continued strength in retail leasing as primary factors. In Las Vegas, CEO Craig Billings highlighted a 5% increase in total casino revenues and retail lease revenue growth, noting, “We believe the best way to earn and retain the highest value customers in Las Vegas is to continually raise the bar on what we offer them.” Macau operations also contributed meaningfully, with mass market gaming and non-gaming revenue showing resilience despite seasonality and temporary headwinds. Is now the time to buy WYNN? Find out in our full research report (it’s free). Revenue: $1.86 billion vs analyst estimates of $1.83 billion (6.9% year-on-year growth, 1.4% beat) Adjusted EPS: $1.24 vs analyst estimates of $0.98 (26.4% beat) Operating Margin: 16%, in line with the same quarter last year Market Capitalization: $10.4 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Shaun Kelley (Bank of America) asked about strategic risks and timeline for the UAE resort given ongoing regional conflicts. CFO Craig Fullalove replied that construction is proceeding as planned, with the country showing resilience to regional pressures but acknowledged ongoing geopolitical risk. Daniel Politzer (JPMorgan) inquired about the timing of the Wynn Al Marjan Island opening and if the regional operating environment influenced the schedule. Fullalove clarified that the September 2027 date reflects project completion needs, not underwriting of market improvement. Stephen Grambling (Morgan Stanley) pressed for more details on the impact of ongoing renovations in Las Vegas and the effect of sporting events on demand. Fullalove estimated lost revenue from room renovations could be $2–4 million per quarter through next year, but said peak event traffic remains robust. John DeCree (CBRE) questioned customer segmentation in the UAE and demand sources at opening. Fullalove outlined expectations for strong local and international interest, with marketing strategies to be adjusted based on demand pockets at launch. Robin Farley (UBS) asked about potential changes in the Las Vegas competitive landscape if more rivals go private. CEO Craig Billings said the shift would not materially affect Wynn’s competitive positioning given long-term industry fragmentation. In upcoming quarters, the StockStory team will be monitoring (1) the pace of construction and budget management for the Wynn Al Marjan Island project in the UAE, (2) the launch and early performance of non-gaming facilities in Macau, especially the Event Center and Enclave hotel, and (3) the ability to sustain premium customer demand and margin discipline in Las Vegas and Boston amidst rising costs. Updates on these milestones will be critical to assessing Wynn’s execution and long-term growth trajectory. Wynn Resorts currently trades at $102.56, up from $97.60 just before the earnings. In the wake of this quarter, is it a buy or sell? Find out in our full research report (it’s free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Tuesday, Aug. 4, 2026 at 4:30 p.m. ET Chief Executive Officer - Craig Billings Chief Financial Officer - Craig Fullalove Operator: Welcome to the Wynn Resorts Second Quarter 2026 Earnings Call. [Operator Instructions] This call is being recorded. If you have any objections, you may disconnect at this time. I will now turn the line over to Craig Fullalove, Chief Financial Officer. Please go ahead. Craig Fullalove: Thank you, operator, and good afternoon, everyone. On the call with me today are Craig Billings and Brian Gullbrants in Las Vegas. Also on the line are Jenny Holaday, Linda Chen and Frederic Luvisutto. Please note that we published a presentation to provide more color on the company and recent performance ahead of this call. You can find the presentation on our Investor Relations website. I want to remind you that we may make forward-looking statements under safe harbor Federal Securities Laws, and those statements may or may not come true. I will now turn the call over to Craig Billings. Craig Billings: Thanks, Craig. Good afternoon, everyone, and as always, thank you for joining us. I'm going to jump right into the quarter, starting here in Las Vegas. Wynn Las Vegas delivered $215 million of EBITDAR in the quarter with particular strength in May. Adjusting for the low hold, the property would have produced $219 million of EBITDAR. We saw impressive increases in both drop and handle, driving a 5% increase in total casino revenues. We were also pleased to grow RevPAR by 3% and saw retail lease revenue up 8% during the quarter. More recently, the business has seen solid volumes and increases in both slot revenues and RevPAR, though we experienced unusually low hold in the month of July. Looking ahead, we remain positive about the business in Las Vegas. We are currently on track for another strong F1 weekend and pacing ahead of last year in our transient and leisure business for that event. On the group and convention side, we saw the forward booking pace accelerate as July progressed, and the business looks strong heading into both Q4 and 2027. Turning to Boston. Encore Boston Harbor generated $56 million of EBITDAR with the second quarter setting records for both 2Q RevPAR and 2Q hotel revenue. Slots also remained an area of strength with revenues up 1%. More recently, demand in Boston has remained healthy with slot handle running slightly ahead of last year. In Macau, the team delivered particularly solid results in the quarter. The business generated $306 million in VIP normalized EBITDA with unfavorable VIP hold negatively impacting us by nearly $9 million. Volumes were up nicely in the quarter with mass drop up 5%. So far, in the third quarter, rolling volumes and mass drop were down slightly year-on-year as we absorb the now well-publicized impact of the World Cup, coupled with usual seasonality. We saw a drop pickup in the back half of July as the region entered the summer holiday season and those improving trends continued into early August. Last quarter, we announced Enclave, a new 432 all-suite hotel and expect to commence construction on that tower before the end of the year. This quarter, I'm pleased to announce that we will also begin construction on our long planned and previously announced Event Center and Theater at Wynn Palace in the coming weeks after receiving our revised land contract from the government in July. The Event Center and Theater are expected to be completed in 2028, and Enclave is expected to be opened in 2029. Taken together, these projects reflect a clear and confident investment in the future of the Macau market and our commitment to support its diversification efforts. Shifting to Wynn Al Marjan Island, construction is progressing rapidly. We are now actively progressing through the interior fit out of the hotel rooms with mechanical, electrical and finishing work all moving along in sequence. In addition to construction, preopening hiring and operations planning are advancing very well. As development of Wynn Al Marjan Island progresses, regional conflict-related disruptions initially impacted global supply chains and continue to impact the shipping insurance markets. This has required certain materials and equipment to be resourced, rerouted or expedited to ensure the project's construction time line. In addition, we experienced certain other disruptions associated with the movement of staff and consultants and other nonrecurring issues. These disruptions have impacted both the timing and cost of the project. On timing, we now expect the project to open its stores to the public in September 2027. With respect to budget, we are increasing the total project budget for Wynn Al Marjan Island by approximately $600 million. Of that, approximately half is directly attributable to disruption from the regional conflict, material cost increases, shipping cost increases and the preopening and capitalized interest costs associated with the extended construction time line it created. The remaining portion reflects remeasurement, trade coordination and other costs you'd expect on a project of this scale and duration independent of anything happening in the region. I traveled to the UAE in June and saw the progress firsthand, the site, the team and the surrounding market. My flights were full and day-to-day activity in Dubai was healthy. What we are building in the region is one of a kind and the quality of work on site is truly extraordinary. We continue to believe this will be the most exciting integrated resort opening globally in over a decade, and we remain as committed to and confident in the UAE as ever. I'll now hand it over to Craig Fullalove to run through some additional details on the quarter. Craig Fullalove: Thank you, Craig, and good afternoon, again. Let me walk you through the financials for the quarter, starting here in Las Vegas. Wynn Las Vegas generated $215.2 million of adjusted property EBITDAR and $643.2 million of operating revenue for a 33.5% margin. Unfavorable hold was a modest headwind, costing us just over $3.6 million in the quarter. On the cost side, OpEx excluding gaming tax, ran at $4.5 million per day, up 6.2% year-on-year. That increase reflects higher business volumes, some contractual wage increases and our continued investment in the types of offerings that matter must to our premium customers. The openings of Zero Bond and Sartiano's last quarter as well as [indiscernible], which opened only midway through Q2 of last year. We believe the best way to earn and retain the highest value customers in Las Vegas is to continually raise the bar on what we offer them and that's what you're seeing in those numbers. Over to Boston, Encore delivered $56.1 million of adjusted property EBITDAR from $209.3 million of revenue for a 26.8% margin. OpEx per day came in at $1.19 million, up just 2.9% versus the second quarter of last year, and that's despite real ongoing labor pressure in that market. The team in Boston is incredibly disciplined on costs and flow through, and they continue to find smart efficiencies across the business while delivering a premium offering that is discernibly different from other properties in the region. Now over to Macau. The team delivered $297 million of adjusted property EBITDAR on $1 billion of operating revenue, a 29.6% margin. VIP hold ran below our theoretical expectations this quarter representing a negative impact of just over $8.6 million. On costs, OpEx, excluding gaming tax was approximately $2.9 million per day, up 9% year-on-year, but flat quarter-over-quarter. Similar to Las Vegas, that increase is partially driven by deliberate additional investments in the premium customer experience including the recently opened Chairman's Club expansion that completed last quarter as well as normal course cost of living adjustments alongside variable costs associated with higher business volumes seen across several of our segments in the quarter. On Macau CapEx, Craig touched on the recent approval for construction to commence on the Event Center and Theater of Wynn Palace, both of which are key concession-related projects in Macau. In addition to our announcement of the Enclave Hotel Tower last quarter. We look forward to getting construction underway very soon. Spend on these projects in 2026 will be limited to some piling and early development works. All in, we now expect our 2026 expansionary CapEx in Macau to land in the $350 million to $400 million range. Turning to the balance sheet. Our liquidity position remains excellent, $4 billion of global cash and revolver availability as of June 30, split roughly as $2.3 billion in Macau and $1.7 billion in the U.S. That strong cash generation gives us the flexibility to keep returning meaningful capital to shareholders on both sides of the Pacific. On the Macau side, the Wynn Macau Board approved a 2025 final dividend of $150 million, up from $124 million in the prior period, which was paid in the second quarter. We continue to view the dividend there as the cornerstone of our capital return policy to shareholders and we'll continue to revisit that dividend level with the Board over time. At the Wynn Resorts level, our Board has approved a cash dividend of $0.25 per share payable on August 28 to stockholders of record as of August 14. In terms of total CapEx for the quarter, we spent approximately $153 million primarily related to the Encore Tower and spa remodels and the construction of the Cliff House Grill in Las Vegas as well as the hotel refurbishment at Wynn Macau, which we completed at the end of the quarter, plus normal course maintenance across the business. Separately, we contributed $48.1 million of equity to the Wynn Al Marjan Island project during the quarter, bringing our cumulative contribution to just over $1.06 billion. We've also continued drawing on the Al Marjan construction loan with $1.4 billion drawn to date. As Craig mentioned, we have increased the expected budget for Wynn Al Marjan Island, which had a 40% share will equate to approximately $240 million of required equity. Our equity for the remainder of the project, including Janu is expected to be approximately $525 million to $650 million. With that, we'll open the call up to Q&A. Operator: [Operator Instructions] Our first question will come from Shaun Kelley with Bank of America. Shaun Kelley: Craig, I want to start in the UAE, if we could, obviously, some positive news on getting a hard date to work from. Can you just talk through a little bit of the strategic pros and cons? I mean, obviously, still a bit of uncertainty in the region, but that does push us to more than a year from today. And obviously, on a day like today, it feels like perhaps there's some positive signs. But just anything that needs to happen further in the region and flexibility around that date? Or is this pretty hard and fast -- just help us think through kind of what you were -- kind of like -- what you were contemplating as you lay this date out. And just kind of how you thought about it, that would be helpful. Craig Fullalove: Yes, sure. Look, we talked a little bit about this on the last call when the UAE was absorbing really the heaviest bombardment of the war. And since then, the intensity directed specifically the UAE has eased even as the broader conflict has continued to play out. And that's kind of a point, that's consistent with the point that I made in May. This is a country that absorbs pressure and keeps functioning rather than one that gets knocked off course by it. So look, I'm not going to tell you there's no risk, but when we underwrote the project, again, I said this last time, we didn't underwrite a region with zero geopolitical risk. We underwrote a country with the demonstrated ability to manage through it. If you look at what's been happening with Dubai Airport, where they've really, over the course of the past couple of months have continued to grow flight capacity and kind of carry on, I can tell you on the ground there, supply -- consumer supply chains are normal and day-to-day life is pretty normal. So you're talking about an opening that's well over a year out. And if the conflict is persisting, at that point, I think we've got bigger problems from the perspective of the energy markets. So we're planning pretty normal course, construction is carrying on normal course, and we're looking forward to opening the doors. Shaun Kelley: Great. And then maybe just switch gears as a follow-up on Macau. I think the mass market table hold at Wynn Palace was exceptional this quarter, maybe one of the highest numbers we've ever seen. I know we typically probably don't hold normalize to that, but just kind of trying to think more about what's happening in the market, how is the maybe composition of customer changing between VIP and maybe the upper level of premium mass? And how sustainable is maybe either an elevated level of play or what you're doing to lean into a higher-value guest there? . Craig Fullalove: Sure. Yes. I mean, look, we tried to normalize from mass hold. We did that for a few quarters, and nobody liked it. So we referred it back to normalizing for VIP, particularly as the market became more mass-oriented. And you're right, mass hold was at the higher end of the range. If you're asking if that some type of broad trend based on -- based on side betting activity and other things like that. I think we've talked about that before, and we certainly are seeing more of that activity on the floor. Really, we kind of just continue to stick to our knitting there. We're very focused on one particular customer type. That happens to be the customer type that is driving the market at the moment, and we continue to double down. It's just really, really good management of the business there more than anything else. Operator: Our next question comes from Dan Politzer with JPMorgan. Daniel Politzer: I wanted to go back to Wynn Al Marjan, but perhaps through a different approach. I guess as you think about that September 2027 opening, how do you think about that timing? And why is that the right time? I guess, asked another way, if basically the property were ready to open today, would now be the right time? Are you underwriting a real significant improvement in terms of the operating environment there? Craig Fullalove: That's the point at which construction and punch will be done and ops has had sufficient handover on the building to actually operate it the way it should be operating. Daniel Politzer: Okay. And then in terms of Macau, I think you talked a little bit about an uptick post World Cup. I mean, how much of that do you attribute to kind of pent-up demand versus an event calendar? Any changes in the promotional environment? I guess we're trying to drive out what's driving that incremental level of play. Craig Fullalove: Yes. I think it's just a return to a more normal cadence. I think you've heard this from some of our peers in the industry. The World Cup occurred during a period that is already impacted by seasonality, frankly, in both markets, Vegas and Macau. In Macau, it sits -- it happened to occur in the seasonal trough that generally follows Golden Week. So I think a lot of what's being asked or has been asked on this particular topic is, is this the World Cup -- or is this normal seasonality stacked with the World Cup. And I think disentangling the two with precision isn't something, I think, really anyone can do with great confidence. What I can tell you is what we're seeing now, and I mentioned it in my prepared remarks, we're starting to see the summer holidays emerge in the market. We had solid results in the quarter that we just reported with $3.4 million in VIP normalized average EBITDA per day and rolling volumes and mass troughs during the tournament itself and then pick back up in the back half of July and continuing into early August. Operator: Our next question comes from Stephen Grambling with Morgan Stanley. Stephen Grambling: Maybe turning back to Vegas. I know you gave some good detail on the cadence of the quarter. Curious how you think about the net impact from the World Cup perhaps? And then separately, can you just remind us -- as we look at the renovations that are going on there, any impact -- I know you've been able to mitigate that in the past, how has that been trending versus your expectations? Craig Fullalove: Sure. So on the World Cup side, it was obviously less pronounced here in Vegas. Hard to say if it had an impact or not. Again, what I can tell you is -- in July, we had solid drop, very low hold, a solid drop and RevPAR grew nicely in July as we exited the tournament. On Encore renovations, yes, the way we tend to look at that is on the peak days when we could have sold those rooms, what was our foregone revenue. It's probably the best way to think about it. On the non-peak days, when you weren't at that occupancy level anyway, it really didn't matter. And I would expect the absence of that inventory on those peak days to cost us something like $2 million to $4 million in revenue per quarter through the first half of next year. Stephen Grambling: And maybe one follow-up in Macau. As the Chairman's Club has ramped, is this driving incremental customers? Or is it just increased play from existing customers? Craig Fullalove: Chairman's Club is actually still ramping. I mean it's only been open several months now. So we're still in the process of ramping it. It is designed to do both. And it's also designed to increase dwell time, which obviously has positive impact on hold. Operator: Our next question comes from Lizzie Dove with Goldman Sachs. Elizabeth Dove: I guess going back to Wynn Al Marjan in the September opening, I'm curious like super high level how we should kind of think about the cadence of the ramp there. I think you've said in the past, you don't do soft launches. But just curious with the timing of the peak season there, how you're thinking very high level again, expecting guidance but of scaling revenue and EBITDAR or whether this is kind of phased or not? Craig Billings: Yes. I don't -- well, look, let's put the regional -- I think it's important to put the regional conflict to decide, because, obviously, we don't control that. So if you think about September, the middle of September, end of September, something like that, you're really talking about entry into the beginning of the peak season there. And you're right, we generally don't do phased openings. So what I can tell you is that we would open the doors and open all the amenities exactly as we would any other particular opening. We don't do hoarding. And so that would be the plan. And as I mentioned on the last call, we continue to believe very strongly in the market, very strongly in the opportunity and stand by the projections that we put out for the project. Elizabeth Dove: And then I guess now you have this confidence of putting this date out. I know at the Investor Day, there's been a topic of just hopefully having some of the other hotel development in Ras AI Khaimah kind of up and running for them. I'm curious to the extent you have kind of color on this, if you've heard whether these other projects are kind of keeping pace with that and on a kind of similar time line? Craig Billings: Yes, it's a bit of a mixed bag actually. What I would remind you is the other thing that we talked about pretty extensively actually at that Investor Day is the fact that we were underwriting our base case and our high case really on the back of our own room base and we had a long discussion about when we took a little flat for not increasing our numbers at the time, we had a long discussion about how we were going to rely very, very heavily on our own room base. So that remains true to this day. And therefore, we stand behind the numbers that we published. Operator: Our next question comes from John DeCree with CBRE. John DeCree: Craig, maybe to build on Lizzie's question, we kind of follow the Ras Al Khaimah tourism and metrics quite closely, and we're pleasantly surprised to see a record first half travel tourism to Ras Al Khaimah despite the regional conflict and a lot of that was domestic demand. A, do you have any comments on -- you were there in June, you said in terms of demand, particularly domestic. Any views on how quickly kind of international demand had recovered when there weren't travel advisories and generally to capital, how do you -- kind of how was your thinking evolved on your customer segmentation as we kind of get through this, a lot of stuff has happened. A lot has changed. The world is very fluid. And I know the domestic demand during this last 6 months really surprised. So how are you kind of thinking about the demand pockets and customer segmentation when you open. Craig Fullalove: Yes. It's -- thank you for the question. It's a good question. So I think what you're -- what's you are really alluding to is, which customer funnels are you really focused on at the point of opening. And I think that's the right way to think about it, right? We've talked extensively about the fact that when this property opens, we expect a pretty robust, for lack of a better phrase, locals pipeline or regional pipeline. And that is certainly the case, and that's what you're seeing driving Ras Al Khaimah visitation today. We also expect a very healthy, more global pipeline of customers, which, again, we talked extensively about at the Investor Day. So the real question is, if we fast forward to September of 2027, we're opening the doors, which of those customer funnels are we addressing in the near term and which, if not all of them, and which of those customer funnels are we addressing over time. Because I think it's fair to say, particularly for the core gaming products, given that we will be a monopoly, demand should exceed supply. It's just a question of where it's going to come from. And so that changes where you spend marketing dollars, that changes where you focus your host and their attention, but it doesn't change the core of what you're opening. Does that make sense? John DeCree: It does. Yes, Craig. I appreciate that. Craig Fullalove: That's the way I would -- that's the way I would think about it. We have a lot of -- I'll put it to you this way, in an elevator pitch version. We have a lot of levers to pull there, and it's a question of which levers we pull when based on the state of play as we open. John DeCree: Understood. I think I kind of packaged 2.5 questions there for you. So I'll step into back in the queue. Operator: Our next question comes from Robin Farley with UBS. . Robin Farley: I wonder if you have any thoughts about some potential go-private transactions in Vegas and how you think that might change the competitive landscape or any aspect there? Curious for your thoughts. Craig Billings: I really don't -- I mean, I read the same press reports that you do. I think if that's calling out what we already view is undervaluation of the industry, that's the only point really that I would make beyond that. Again, I read everything in the press just as you do. Robin Farley: And I guess I was thinking more about if a lot more of your competitors in Vegas, they're not ultimately end up not being public companies. Do you think that's better, worse or indifferent for Wynn Resorts? Craig Billings: Well, I think that ship sales a long time ago, Robin. I think if you go back in time, you had a set of public companies that were all in land-based gaming that all own real estate. And you had fragmentation of that simplified view of valuation kind of piece by piece over time. You had operators that moved into digital, you had operators that sold their real estate, you had operators that own their real estate, which is made the industry quite difficult to compare over the course of probably the past 10 years, which obviously, I think, creates complications for investors and some on the sell side community. So I think there's been a lack of comparability for quite some time. I don't think having a smaller set of public comparables make it any more or less complicated. Robin Farley: Maybe just a follow-up on Macau. I guess, how would you describe sort of the current competitive environment in Macau. It sounded like a quarter ago that you felt like it was extremely competitive, but stable. Some others have talked about investing more in both OpEx and CapEx. So I was just wondering how you feel the environment is today. Craig Billings: I think you described it well. It is a very competitive market, but it has been stable, particularly with respect to the promotional environment and reinvestment. Our reinvestment has been relatively stable over the course of the past couple of quarters. So I think your description of it is accurate. Operator: Our next question comes from Brandt Montour with Barclays. . Brandt Montour: So maybe back to Vegas. I was hoping, Craig, if you could give us a sense for how the strip feels just in sort of the April, May bucket versus the June, July bucket, specifically convention heavy months versus leisure heavy months. Some of your ship peers for a year now have been sort of dealing with a tale of 2 Vegases, and you guys have been pretty insulated from that given your higher-end positioning. So just wondering if it still feels that way for you guys sort of being insulated there and more stable from convention versus leisure? Craig Fullalove: Sure. I'll start, and then I'll ask Brian to weigh in as well. Certainly, as I mentioned in my prepared remarks, May was exceptionally strong. I think you also heard that from maybe one of our peers, yes, I guess only one of our peers in Vegas actually did a call. So I think you heard that from one of our peers here in Vegas as well. That was the strongest month of the quarter. For us, I mean, you can see the numbers, and you can see drop, you can see handle. You can see how we're doing. You can see how we're doing on RevPAR. And we continue to feel fine. I think you're right. I think we service a very particular customer, and that customer has held up extremely well. On the group side, group has actually been quite encouraging. Brian, do you want to talk a little bit about group, which is really our best leading indicator. Brian Gullbrants: Thanks, Craig. Actually, feeling good on group. Full year '26 group pace remains ahead of '25. So we're pacing well in both room nights and rates. The team has done a great job and '27 is pacing nicely right where we should be for a solid '27. We do see some competitors going out with all-inclusives and different things, highly promotional, but that's not really our core customer. I think it's helping the market, but we're sticking to what we do best. Brandt Montour: Okay. I appreciate that. And just a follow-up on Macau. I'm going to ask Shaun's question, hopefully, in a slightly different way. The rolling chip volume drawdown year-over-year is just sort of too dramatic, not to be curious about it. Obviously, we know World Cup had an outsized impact on those sort of super higher-end players, but you also gain share in mass drop. So just I guess, more directly asking, are those 2 things linked in any way or are those 2 sort of completely separate dynamics? Craig Fullalove: Sure. I mean I think they're somewhat separate in the sense that it's driven by, obviously, the value of the customer. But separate to that, it's also driven by the type of reinvestment that, that customer gets. And so that drives a lot of how the segmentation works. I think within the VIP, we have seen some of that taper off a little bit, but we're seeing that strength come back through on the mass side. And so that's obviously been encouraging for us overall. We're continuing to calibrate across those different segmentations. And within VIP, we think there's more we can do there, for sure. And we're going to continue to stay super focused on it and keep working towards it. But we're really, really happy with what we're seeing on the mass side, both at Wynn Palace in particular and then at Wynn Macau as well. Craig Billings: And then I would just add, don't forget the impact of credit and credit extension, and we tend to be very, very prudent with credit. We and others in the market have long-standing relationships with particular customers who we extend credit to and that tend to make those customers sticky, which is both beneficial and then also problematic if you're trying to take share. VIP is just much more of an individual businesses. There's a lot more people. And so it tends to be a lot less. Operator: Our next question comes from Chad Beynon with Macquarie. Chad Beynon: Two for me. First, on the equity repurchase program, $75 million in the quarter, slightly up from what we saw in the first quarter, yet at a similar stock price. So if your stock remains in this range here, is this still a good run rate, given the additional capital needed for UAE? Or should we think about maybe dialing that back as you focus more on funding? Craig Fullalove: It really depends, to be honest, I mean, we -- as we talked about in the past, we repurchased using a price-based grid. We take all of our funding needs into account when we set that price-based grid and some quarters that grade hits and sub quarters, it doesn't. What's important to us is decapitalizing over time. And you've seen that. If you look at the investor deck, there's a cumulative total with respect all the shares that we've bought back. So I could give you a very simple answer to that question, but it wouldn't be intellectually honest. So instead, I'm giving you the intellectually honest one. Chad Beynon: And then with respect to Las Vegas potentially getting an NBA franchise, I think there's been a number of potential stakeholders who are partnering up or expressing interest. How would Wynn see themselves either in a partnership with an individual using your land or just benefiting from more visitors coming to the city if this ends up landing. . Craig Fullalove: Sure. I think it falls into the latter category of the two things that you mentioned. And if you really think about the very -- I think we talked about this on previous calls, but if you think about the various sports teams that are resident in Vegas, you can think about leagues that tend to have a very, very high game count, so a number of games every year. And those leagues tend to be more of local teams, and then you can think about leagues, most notably the NFL, that have a very, very limited game count, and those games tend to occur on or around weekends. And it is the latter category, the Raiders in particular, that are most beneficial in my humble opinion to the town because they drive visitation and in particular, to us because they tend to drive premium visitation for a subset of customers that go to those games. The NBA kind of sits somewhere in between. And so we would love to see an MBA franchise in Las Vegas. We're obviously want to be very supportive of whoever ends up to the extent that it does happen with the NBA ends up owning that franchise. And we would play the same role that we play with the Raiders. We tend to get the premium end of visitation. We tend to get folks who are affiliated with league and with the opposing teams when they're in town, and those are good customers, and they're good for our business. Operator: Our next question comes from Steve Wieczynski with Stifel. Steven Wieczynski: So Craig, one more for the UAE. With the uptick in the budget now for the UAE, wondering how that or if it doesn't change your return profile for that asset, meaning you've got a $600 million increase in budget and maybe more uncertainty around the geopolitical environment, even though you said we should kind of somewhat ignore that. But just wondering if there have been any material changes to the way you're underwriting that asset now. Craig Fullalove: So to be super clear, I'm not suggesting you ignore. There's a conflict happening, and we completely acknowledge that there's a conflict happening. My point was that we don't control it. And so we shouldn't -- we can form our opening and operating plans accordingly, but we don't control that component. And so that was the point that I was trying to make. Obviously, the return profile will be impacted by an increase in budget. If you recall, our returns there are quite healthy. So I don't think it changes the investment thesis for us one bit, and then we continue to see a lot of potential upside. I do think it's important to note that when you're managing a project of this scale and complexity, the calculus isn't really kind of spend or spend more or don't. We have thousands of workers on site, thousands of construction drawings in flight, specific trades mobilized in a precise sequence stopping or slowing that down has ramifications that are far more costly than absorbing the budget increase and keeping the project moving. What's important is to get it open and earning EBITDA, the return profile from our perspective still remains very, very strong. Steven Wieczynski: And then if we think about the start of the third quarter, you mentioned Vegas has had -- or Vegas had difficult hold in July, but it sounds like drop there was fine or normal, whatever you want to think about it. So just wondering if you can help us quantify a little bit more, maybe how bad hold actually was so we can get those assets in the right spot to start off the quarter. Craig Fullalove: Well, we'll talk to you about that on the next call. We don't get further into Q3 than what we've already disclosed. Operator: Our next question comes from Barry Jonas with Truist Securities. Barry Jonas: I wanted to ask about Macau. What extent do you think about the next round of concession renewals as you're planning out long-term investments? And then maybe just as a follow-up, can you remind us how much non-gaming spend you have left for your current concession investment obligations. Craig Billings: Sure. I'll take the first portion, and then I'll ask Craig to take the second portion. So first of all, we operate the business in Macau is going concern because that's what it is. And so when we think about CapEx deployment, Enclave in particular, Wynn Palace runs full every night or really close to full every night. And so that's not a speculative bet for us. That's meeting demand that is there today that we are not meeting today. So that's very, very clear EBITDA. Beyond that, we committed as part of the concession renewal to implement a series of CapEx projects. We chose to be very entertainment focused because we believe that's additive to the market and can drive the core business and we're executing those projects now. Craig, do you want to cover the... Craig Fullalove: Yes. Yes, I mean, obviously, at a high level, we -- as you would have heard before, we've already added recent additions like the Illuminarium and then the new Gourmet Pavilion at Wynn Palace, which were part of the concession planning. Those opened in 2024 and 2025. We've spoken previously about -- and we've just received the approvals on the Event Center and the Theater, and those are obviously our anchor CapEx projects that Craig described. Overall, when we went into the concession, we effectively committed to $2.6 billion of overall non-gaming spend, of which $1.6 billion of that is CapEx, and the rest is OpEx. And obviously, this is kind of the piece that's anchoring it and so we're working through that right now. But we're tracking really, really well. And with these new projects now coming online, which we've been dialoguing with the government over many, many years now on, and they're very aware of exactly where we are in the process in that regard. We're now able to move through those as well. So we're excited to get the construction underway on all of it. Barry Jonas: And then just for my follow-up, wanted to extend the promotional environment question to Las Vegas. Anything you're seeing there from competitors worth noting? Craig Fullalove: Not really. The -- you've seen some new promotional forms. I think Brian alluded to them. And I think one of our peers alluded to them on their call, the all-inclusive stuff doesn't really impact our customer. So the upper end of gaming, which is where we tend to focus, it's always quite competitive, and we're used to that. We tend to compete on product and service and not just straight reinvestment, but I don't see the market exhibiting anything other than normal behavior. Operator: Our next question comes from Trey Bowers with Wells Fargo. Unknown Analyst: It's Zach filling in for Trey here. So just following up on the previous question on Macau CapEx, you're obviously investing pretty heavily in the non-gaming product, but just curious, long term, how you're feeling about the gaming -- the amount of gaming product in the market or in your portfolio? And if you think it requires further investment for the market to grow? Craig Fullalove: Look, you're talking about a market that's whatever, 5x the Las Vegas Strip with 1/3 of the hotel rooms. And so there's -- it's a very unique market dynamic. And so in that environment for us, what's it about? It's about getting the best heads in beds and getting the best customers in those rooms, which is really been our strategy from day one. So do we need a whole bunch of incremental infrastructure for the market to grow in Macau, we don't, we don't, because we're very focused on a very small subset of customers. A little bit like Las Vegas, to be honest. So you've seen us grow and our growth in Las Vegas materially outpaced the growth in the market over the course of the past 5 years. And so I don't think we need a whole bunch of incremental infrastructure in Macau to grow our business there and be competitive. I think we're going to tack on Enclave and you're going to see exactly what I mean by that, where we have the database to fill those rooms, and we have the occupancy to fill those rooms. So would additional infrastructure would be helpful to the market overall, probably, I think that would be the case in almost any market, but not specifically for us, and we're not dependent on it. Unknown Analyst: And then apologies if I missed this earlier, but Las Vegas, OpEx per day was $4.5 million. Could you just maybe provide us with any sort of color on the back half of the year and what we should expect and what we could kind of pencil down on our models? Craig Fullalove: Yes. Let me start and then Craig will talk talking through the numbers. So look, if you put Las Vegas in context, when you look at the Q2 results, despite kind of normal seasonality, demand remains very solid for us, and you can see that in the top line numbers. We also had notable strength in our retail outlets, which I alluded to in my prepared remarks. But on the other hand, we had contractual labor rate increases, which are real. We had some rooms at Encore that were out of service, and then we had some venues that opened right at the end of Q1. So we had full staffing in those venues, but revenue was really just beginning to ramp. So I think it's important to keep all of that in mind. The cost base in Las Vegas has increased. It's back. Not just for us, for others as well. Craig, do you want to talk about specific? Craig Billings: Yes. So as you mentioned, we came in at $4.5 million for the quarter. We've been guiding at about [ $4.4 million to $4.7 million ] as sort of the range that we put out there through the rest of the year. Operator: [Operator Instructions] No, we have no further questions. Craig Fullalove: Well, thank you all for attending the conference. We appreciate it. We'll see you all next quarter. Thank you. Operator: Thank you. That concludes today's conference. Thank you for participating. You may disconnect at this time. Before you buy stock in Wynn Resorts, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Wynn Resorts wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Wynn (WYNN) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Wynn Resorts (WYNN) is back in focus after second quarter 2026 results topped market expectations, with higher revenue and earnings, a fresh dividend, ongoing share repurchases, and updates on its Wynn Al Marjan Island development. See our latest analysis for Wynn Resorts. At a share price of $101.50, Wynn Resorts has seen a 5.35% 1 month share price return while the year to date share price return is down 17.19%, and the 1 year total shareholder return is down 4.47%. This points to improving short term momentum after a weaker stretch despite positive earnings, dividends, buybacks and progress on Wynn Al Marjan Island. If this kind of rebound has you thinking about where else capital might flow, it could be a good time to scan 20 top founder-led companies Wynn Resorts now trades at a clear discount to both analyst targets and some intrinsic value estimates, even after the recent bounce. Is that a mispricing of the latest earnings strength, or a warning that market caution still matters? Against Wynn Resorts' last close of $101.50, the most followed narrative anchors fair value at $135.89. This frames the current discount and the role of future projects like Wynn Al Marjan Island. Read the complete narrative. Want to see how this fair value is built? The narrative leans on steady revenue expansion, thicker margins, and a premium earnings multiple. Curious which assumptions really move the needle? Result: Fair Value of $135.89 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, investors still need to weigh risks for Wynn Resorts, including its heavy reliance on Macau and the financial strain of large capital projects such as Wynn Al Marjan Island. Find out about the key risks to this Wynn Resorts narrative. Given the mix of optimism and concern around Wynn Resorts, it makes sense to move fast and review the numbers yourself before sentiment shifts again. To balance the potential upside against the risks, start with the full breakdown of the 5 key rewards and 2 important warning signs. If Wynn Resorts has sharpened your focus, do not stop here. Broaden your watchlist with fresh stock ideas that match your goals and your risk comfort. Target quality at a discount by scanning 50 high quality undervalued stocks that combine strong fundamentals with prices that sit below many investors' radars. Build reliable income by reviewing 9 dividend fortresses that aim to provide higher yields while still maintaining balance sheet support. Hunt for tomorrow's standouts early by checking the screener containing 19 high quality undiscovered gems before they attract wider market attention. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include WYNN. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

In early August 2026, Wynn Resorts reported second-quarter results showing year-on-year increases in revenue to US$1.86 billion and net income to US$140.06 million, alongside a US$0.25 per share dividend and completion of a long-running US$2.74 billion buyback program. The earnings beat and stronger profitability were underpinned by broad-based strength across Las Vegas, Boston, and Macau, especially at Wynn Palace, while Wynn also updated investors on the delayed but progressing Wynn Al Marjan Island development in the UAE. We’ll now examine how this stronger-than-expected quarter, supported by robust Macau performance, reshapes Wynn Resorts’ existing investment narrative. AI is about to change healthcare. These 42 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. To own Wynn Resorts, you need to believe in the durability of its high-end resort model across Las Vegas, Boston, and especially Macau, while accepting the execution and cost risks of its heavy development pipeline. The upside catalyst remains Macau-led earnings strength, which Q2’s better profitability supports. The most pressing risk is still elevated capex and leverage tied to projects like Wynn Al Marjan Island, and this quarter’s update on higher UAE costs reinforces that rather than changing it. Against that backdrop, the confirmation that Wynn Al Marjan Island’s budget has risen by about US$600 million and its opening is now targeted for September 2027 is particularly relevant. It underlines both sides of the story: the potential of a new integrated resort in a fresh market, and the financial strain that large, delayed projects can place on free cash flow if operating performance in core regions softens. Yet beneath the strong quarter, the increased Al Marjan Island budget and delay highlight a financial risk that investors should be aware of... Read the full narrative on Wynn Resorts (it's free!) Wynn Resorts' narrative projects $8.7 billion revenue and $727.9 million earnings by 2029. This requires 6.1% yearly revenue growth and a $352.9 million earnings increase from $375.0 million today. Uncover how Wynn Resorts' forecasts yield a $135.89 fair value, a 34% upside to its current price. Some of the most optimistic analysts were already assuming Wynn could reach about US$9.6 billion in revenue and roughly US$801 million in earnings within a few years, so if you focus on that more bullish view alongside the rising Al Marjan Island capex risk, you can see how opinions can differ sharply and why this latest quarter might eventually push both the upbeat and cautious narratives to shift again. Explore 5 other fair value estimates on Wynn Resorts - why the stock might be worth just $116.00! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Wynn Resorts research is our analysis highlighting 5 key rewards and 2 important warning signs that could impact your investment decision. Our free Wynn Resorts research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Wynn Resorts' overall financial health at a glance. Don't miss your shot at the next 10-bagger. Our latest stock picks just dropped: The future of work is here. Discover the 36 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. We've uncovered the 9 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. Capitalize on the AI infrastructure supercycle with our selection of the 56 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include WYNN. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Wynn Resorts, Limited WYNN reported second-quarter 2026 results, with earnings and revenues beating the Zacks Consensus Estimate. The top and bottom lines increased on a year-over-year basis.Management highlighted healthy demand across the business, including a monthly Adjusted Property EBITDAR record in Las Vegas during May and strong performance in Macau. Wynn Palace led the quarter’s growth, with revenues rising 21.1% and Adjusted Property EBITDAR increasing 28.2% year over year. In the second quarter, the company reported adjusted earnings per share of $1.24, beating the Zacks Consensus Estimate of $1.01 by 22.8%. In the prior-year quarter, Wynn Resorts reported adjusted earnings of $1.09 per share.Quarterly operating revenues of $1.86 billion surpassed the consensus mark of $1.84 billion by 0.9%. The top line increased 6.9% from $1.74 billion reported in the year-ago quarter. Wynn Resorts, Limited price-consensus-eps-surprise-chart | Wynn Resorts, Limited Quote In the second quarter, Wynn Palace’s operating revenues amounted to $653.4 million compared with $539.6 million in the prior-year quarter. Casino revenues increased 25.9% year over year to $564.4 million, while food and beverage revenues rose 4.4% to $31.8 million.Rooms and entertainment, retail and other revenues declined 6% each to $36.2 million and $21.1 million, respectively. Adjusted Property EBITDAR increased to $201.5 million from $157.2 million, with the margin improving to 30.8% from 29.1%.In the VIP segment, table games turnover declined 32% year over year to $2.77 billion. The VIP table games win rate was 2.97% compared with 2.86% in the prior-year quarter and remained below the property’s expected range of 3.1% to 3.4%.Mass-market table drop increased 3% to $1.9 billion, while table games win rose 36.9% to $563.3 million. The mass-market table games win percentage improved to 29.7% from 22.3%. RevPAR declined 5.7% to $216, while occupancy was 98.9%. In the second quarter, Wynn Macau generated operating revenues of $351.1 million compared with $343.8 million reported in the prior-year quarter. Casino revenues increased 2.5% to $300.7 million, while entertainment, retail and other revenues rose 8.7% to $12.7 million.Rooms and food and beverage revenues declined 3.8% and 1.5% to $20.9 million and $16.8 million, respectively. Adjusted Property EBITDAR declined 1% to $95.5 million from $96.5 million.VIP table games turnover fell 56.4% year over year to $428.1 million. The VIP win rate declined to 2.58% from 3.41% and remained below the expected range.Mass-market table drop rose 8.3% to $1.75 billion, and table games win increased 6.9% to $300.2 million. Slot machine handle advanced 18%, while slot machine win climbed 38.6%. RevPAR declined 3.3% to $208. In the second quarter, operating revenues from Las Vegas Operations totaled $643.2 million compared with $638.6 million in the prior-year quarter. Casino revenues increased 6.5% to $158.1 million, while room revenues edged up 0.1% to $208.1 million.Food and beverage revenues rose 0.4% to $195.7 million. Entertainment, retail and other revenues declined 6.9% to $81.2 million. Adjusted Property EBITDAR decreased 8.3% to $215.2 million, with the margin contracting to 33.5% from 36.8%.Table drop increased 4.8% year over year to $638.2 million, while table games win rose 14.8% to $152.7 million. The table games win percentage improved to 23.9% from 21.8%.RevPAR increased 2.5% to $501, while the average daily rate rose 4.9% to $575. Occupancy declined to 87.1% from 89.2% in the year-ago quarter. In the second quarter, Encore Boston Harbor’s operating revenues amounted to $209.3 million compared with $215.7 million in the prior-year quarter. Casino revenues fell 5.9% to $152.1 million.Rooms and food and beverage revenues increased 9.7% and 7.4% to $25.1 million and $20.1 million, respectively. Entertainment, retail and other revenues declined 3.9% to $12 million.Adjusted Property EBITDAR decreased 12.2% to $56.1 million from $63.9 million. The table games win percentage fell to 18.1% from 21.3%.RevPAR increased 9.6% to $412, while the average daily rate rose 9.9% to $445. Occupancy was 92.7% compared with 92.9% in the prior-year quarter. In the second quarter, Adjusted Property EBITDAR totaled $568.3 million compared with $552.4 million in the year-ago quarter. The consolidated margin declined to 30.6% from 31.8%.Operating income increased to $297.6 million from $264.6 million reported in second quarter 2025. Net income attributable to Wynn Resorts rose to $140.1 million from $66.2 million reported in the prior year quarter. As of June 30, 2026, cash and cash equivalents totaled $1.57 billion, excluding $527.4 million of short-term investments held by Wynn Macau. Total current and long-term debt outstanding was $10.72 billion.The company repurchased 741,098 shares for $75 million during the quarter. Wynn Resorts also declared a cash dividend of 25 cents per share, payable Aug. 28, 2026. Wynn Al Marjan Island is expected to open in September 2027. Wynn Resorts currently has a Zacks Rank #4 (Sell).Some better-ranked stocks from the Zacks Consumer-Discretionary sector are Life Time Group Holdings, Inc. LTH, The Marcus Corporation MCS and AMC Entertainment Holdings, Inc. AMC. Life Time Group presently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks Rank #1 stocks here. Life Time Group delivered a trailing four-quarter earnings surprise of 9.50%, on average. The stock has surged 68.3% in the year-to-date period. The Zacks Consensus Estimate for LTH’s 2026 sales and EPS implies growth of 11.5% and 19.4%, respectively, from the year-ago levels. Marcus currently sports a Zacks Rank #1. The company delivered a trailing four-quarter earnings miss of 34.2%, on average. The stock has gained 100.7% in the year-to-date period. The Zacks Consensus Estimate for Marcus’ 2026 sales and EPS indicates growth of 8.3% and 605.9%, respectively, from the year-ago period’s levels.AMC Entertainment presently has a Zacks Rank #2 (Buy). The company delivered a trailing four-quarter earnings surprise of 321.7%, on average. The stock has rallied 71.8% in the year-to-date period. The Zacks Consensus Estimate for AMC Entertainment’s 2026 sales and EPS indicates an increase of 13.3% and 77.1%, respectively, from the year-ago levels. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wynn Resorts, Limited (WYNN) : Free Stock Analysis Report Marcus Corporation (The) (MCS) : Free Stock Analysis Report AMC Entertainment Holdings, Inc. (AMC) : Free Stock Analysis Report Life Time Group Holdings, Inc. (LTH) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Wynn Resorts (WYNN) reported $1.86 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 6.9%. EPS of $1.24 for the same period compares to $1.09 a year ago. The reported revenue compares to the Zacks Consensus Estimate of $1.84 billion, representing a surprise of +0.92%. The company delivered an EPS surprise of +22.77%, with the consensus EPS estimate being $1.01. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Wynn performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Las Vegas Operations - Slot machine win: $117.01 million versus the four-analyst average estimate of $122.83 million. Encore Boston Harbor - Slot machine win: $110.44 million compared to the $110.12 million average estimate based on four analysts. Las Vegas Operations - Table drop: $638.24 million compared to the $631.79 million average estimate based on four analysts. Las Vegas Operations - Table games win -: $152.66 million compared to the $151.71 million average estimate based on four analysts. Operating revenues- Las Vegas Operations: $643.17 million compared to the $643.05 million average estimate based on five analysts. The reported number represents a change of +0.7% year over year. Operating revenues- Encore Boston Harbor: $209.28 million versus the five-analyst average estimate of $213.1 million. The reported number represents a year-over-year change of -3%. Operating revenues- Macau Operations: $1 billion compared to the $968.9 million average estimate based on four analysts. The reported number represents a change of +13.7% year over year. Operating revenues- Wynn Macau: $351.09 million versus $353.23 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +2.1% change. Operating revenues- Wynn Palace: $653.4 million versus $611.72 million estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +21.1% change. Operating revenues- Las Vegas Operations- Rooms: $208.13 million compared to the $206.17 million average estimate based on three analysts. The reported number represents a change of +0.1% year over year. Operating revenues- Encore Boston Harbor- Casino: $152.1 million versus the three-analyst average estimate of $161.02 million. The reported number represents a year-over-year change of -5.9%. Operating revenues- Las Vegas Operations- Food and beverage: $195.69 million versus $203.77 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +0.4% change. View all Key Company Metrics for Wynn here>>> Shares of Wynn have returned +2.6% over the past month versus the Zacks S&P 500 composite's +1.7% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wynn Resorts, Limited (WYNN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Luxury hotels and casino operator Wynn Resorts (NASDAQ:WYNN) will be announcing earnings results this Tuesday after market close. Here’s what to expect. Wynn Resorts beat analysts’ revenue expectations last quarter, reporting revenues of $1.86 billion, up 9.2% year on year. It was a strong quarter for the company, with a beat of analysts’ EPS estimates. Is Wynn Resorts a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members. This quarter, the market is expecting Wynn Resorts’s revenue to grow 5.4% year on year, improving from its flat revenue in the same quarter last year. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Wynn Resorts has missed Wall Street’s revenue estimates multiple times over the last two years. Looking at Wynn Resorts’s peers in the consumer discretionary - casino operator segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Monarch delivered year-on-year revenue growth of 4.2%, missing analysts’ expectations by 0.7%, and Boyd Gaming reported flat revenue, in line with consensus estimates. Monarch traded down 5.6% following the results while Boyd Gaming’s stock price was unchanged. Read our full analysis of Monarch’s results here and Boyd Gaming’s results here. Over the past year, investors have repeatedly shifted their focus from one macro narrative to another (AI disruption and AI capex spending to geopolitics, interest rates, and the broader health of the economy). While some of the consumer discretionary - casino operator stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 2.4% on average over the last month. Wynn Resorts is up 3.6% during the same time and is heading into earnings with an average analyst price target of $133.32 (compared to the current share price of $99.31). ONE MORE THING: 3 Hidden Platforms Growing 3X Faster than Amazon, Google, and PayPal. Amazon, Google, and Meta all followed the same playbook: Dominate an ignored market. Build an unbeatable moat. Scale until you’re unstoppable. These three platforms are running that exact playbook right now. The early investors in Amazon made fortunes. The early investors in these could do the same. Get All 3 Stocks Here for FREE.