Wynn Resorts

Wynn Resorts owns and runs luxury casino resorts. In Macau, it operates two integrated resorts, Wynn Palace and Wynn Macau, through its roughly 72%-owned subsidiary Wynn Macau, Limited, which is listed in Hong Kong. Macau made about half of Wynn's property profit over the 12 months to June 30, 2026. In Las Vegas, it owns Wynn Las Vegas and Encore, two towers with about 4,700 hotel rooms and a large casino floor.

It also runs Encore Boston Harbor, a resort near Boston. Wynn earns money from casino gaming, hotel rooms, dining, and entertainment at these properties. It is now building Wynn Al Marjan Island, a resort in Ras Al Khaimah, United Arab Emirates, through a joint venture in which it owns 40%. The resort holds the UAE's first commercial gaming licence and is expected to open in September 2027.

Wynn Resorts trades at a discount because Macau makes about half of its property profit, and the Macau market is weakening. Macau gaming revenue fell from a year earlier in each month from June to October 2026, and the October fall was 10.0%. So each visitor spends less. Wynn's strong Macau result in Q2 2026 came partly from luck at the tables.

In Q3 2026, Adjusted Property EBITDAR fell to $464.2 million from $570.1 million a year earlier: Wynn Palace and Wynn Macau both fell, Las Vegas fell to $158.8 million with low table luck, and a strike hit Encore Boston Harbor. The Wynn Al Marjan Island project in the UAE adds to the caution. It has been delayed about six months, its budget rose by about $600 million, and construction paused briefly in March 2026 during Iranian strikes on the UAE. Wynn also carries about $10.7 billion of debt, and higher interest rates make that debt more expensive to refinance.

For the gap to close, Macau gaming revenue must stop falling by Q4 2026, and Wynn must keep its recent Macau market share at normal table luck. Las Vegas profit must grow again in 2027. Al Marjan Island must open in September 2027 within its new budget, and Wynn must not need more than its planned $525 million to $650 million of further equity for Al Marjan and a second hotel there. The Q3 2026 report did not give this evidence.

The next evidence comes in Macau's monthly gaming revenue reports, Wynn's Q4 2026 report in early 2027, and the refinancing of about $1.95 billion of debt that comes due, or that holders can put back, in 2027. The real test of the UAE project comes only when it opens in September 2027, so much of the gap will likely not close before then. Given Wynn's debt, a further Al Marjan delay or a longer Macau slowdown could keep the discount in place well past that date.

1. Sep 22, 2026Passed

   Refinance Wynn Las Vegas notes due 2027Closing new long-term notes to redeem the $880 million 2027 notes passes; a failed offering fails.Outcome: WRF closed $900 million of 6.875% notes due 2035 to redeem the 5.25% notes due 2027, at a higher interest rate.
2. Nov 1, 2026Failed

   Macau October 2026 gaming revenue reportOctober gaming revenue flat or higher than a year earlier, after Golden Week, passes; a fifth monthly fall fails.Outcome: October gaming revenue fell 10.0% from a year earlier to MOP 21.68 billion, the fifth monthly fall in a row.
3. Nov 5, 2026Failed

   Q3 2026 results: Macau share at normal table luckStable Macau market share and EBITDAR with normal hold, and Las Vegas EBITDAR that stops falling, pass; a fall in Macau share or more Las Vegas decline fails.Outcome: Macau EBITDAR fell at both Wynn Palace and Wynn Macau, and Las Vegas EBITDAR fell to $158.8 million from $203.4 million.
4. Jan 1, 2027 · est.Pending

   Macau December 2026 gaming revenue reportMacau gaming revenue for Q4 2026 that is flat or higher than a year earlier passes; a fall in Q4 2026 from a year earlier fails.
5. Feb 5, 2027 · est.Pending

   Q4 2026 results: Macau and Las Vegas profitMacau EBITDAR flat or higher than a year earlier and Las Vegas EBITDAR that stops falling at normal hold pass; another fall in either fails.
6. Mar 7, 2027Pending

   Refinance 2027 debt and the convertible bond putRefinancing the $750 million Wynn Macau notes, the $600 million retail term loan and any convertible bonds put back on March 7, 2027 without new equity passes; a missed or very costly refinancing fails.
7. Sep 2027 · est.Pending

   Wynn Al Marjan Island opens in the UAEOpening in September 2027 within the new budget, with Wynn equity within $525 million to $650 million more, passes; a further delay or cost rise fails.

Every passed and failed checkpoint across all picks

• November 5, 2026Wynn reported Q3 2026 results. Revenue fell to $1.69 billion from $1.83 billion. Net income was $17.3 million, or $0.17 per diluted share, and adjusted EPS was $0.33. Adjusted Property EBITDAR fell to $464.2 million from $570.1 million. Wynn Palace fell to $165.8 million from $200.3 million, and Wynn Macau fell to $89.5 million from $108.0 million. Las Vegas fell to $158.8 million from $203.4 million, with table hold of 18.9%, below the expected range of 22% to 26%. Encore Boston Harbor fell to $50.1 million from $58.4 million, with a strike since early September.
• November 5, 2026Wynn said that Wynn Al Marjan Island is on track to open in September 2027. Wynn put $62.2 million into the joint venture in Q3 2026, for a total of $1.12 billion. Wynn bought back $58.1 million of stock in Q3, which left $268.0 million of authorization, and the board declared a $0.25 per share dividend.
• November 1, 2026Macau gaming revenue for October 2026 was MOP 21.68 billion, 10.0% lower than a year earlier. It was the fifth monthly fall in a row. Gaming revenue for the first ten months of 2026 was MOP 208.8 billion, 1.6% higher than a year earlier.

Last earnings

November 5, 2026 (8-K on sec.gov)

Next earnings

Expected about February 5, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 5, 2026 · wynn-20260930
• 8-KEarnings release and Investor disclosureFiled November 5, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled October 23, 2026 · wynn-20261023
• 8-KNew material agreementFiled September 22, 2026 · wynn-20260922
• 8-KOther company newsFiled September 11, 2026 · wynn-20260910
• 8-KOther company newsFiled September 10, 2026 · wynn-20260910
• 8-KInvestor disclosureFiled August 31, 2026 · wynn-20260831
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 6, 2026 · wynn-20260630
• 8-KEarnings release and Investor disclosureFiled August 4, 2026 · Press release and exhibits
• 8-KNew material agreement and Investor disclosureFiled July 22, 2026 · wynn-20260721

Every filing on SEC EDGAR (CIK 1174922)

• Macau made about half of Wynn's property profit over the 12 months to June 30, 2026. Macau gaming revenue fell from a year earlier in each month from June to October 2026. A slowdown in Chinese spending, a change in Macau gaming rules, or tension between China and the West would hit Wynn harder than a more geographically spread-out casino operator.
• Wynn Al Marjan Island has already been delayed about six months and its budget rose by about $600 million. It does not open until September 2027. Wynn owns 40% and still has to put in $525 million to $650 million, which also covers a second hotel there. With the Ras Al Khaimah government, Wynn guarantees completion of the construction loan, and the resort must be complete by June 30, 2028. Construction paused briefly during Iranian strikes on the UAE in March 2026, and the UAE reported more Iranian missiles in August 2026. A further delay or cost increase would push out the new growth.
• Wynn had about $10.7 billion of debt at September 30, 2026, with ratings of B1 at Moody's and BB- at Fitch. After the September 2026 refinancing, about $1.35 billion still comes due in 2027, and holders can make Wynn Macau buy back $600 million of convertible bonds on March 7, 2027. New debt now costs more: Wynn refinanced $880 million of 5.25% notes with 6.875% notes. Each 1 percentage point rise in floating rates adds about $21 million a year of interest. Higher rates also lower the price investors pay for casino shares with high debt.
• Weaker consumers can cut spending at all of Wynn's resorts. In Q2 2026, Wynn Las Vegas hotel occupancy fell 2.1 points, slot win fell 5.3%, and Las Vegas profit fell 8.3%. In Q3 2026, Las Vegas profit fell to $158.8 million from $203.4 million, and a strike at Encore Boston Harbor lowered its profit. US consumer sentiment fell to a four-month low in September 2026. In Macau, spending per visitor is falling.
• Wynn's Q2 2026 profit was helped by unusually high luck at the Wynn Palace tables and by a $43.3 million gain on derivatives. When table results return to normal, reported profit can fall even if the business does not change.
• Fontainebleau Las Vegas, a large luxury resort with more than 3,600 rooms, opened on the north Las Vegas Strip in December 2023 and competes directly with Wynn Las Vegas and Encore. Tilman Fertitta, who owned about 12% of Wynn in Wynn's 2026 proxy, is also buying Caesars, which owns several Strip casinos.

Wynn Resorts, Limited had a stockholders' deficit of $217 million at September 30, 2026 ($985 million with its minority holders), and its debt leaves limited room. This comes from years of losses during the Macau closures, and from buybacks and dividends. Read more

Yield at the current rate

1.2% (current annual rate, at today’s price)

Dividend yield

1.2% (last 12 months, at today’s price of $85.38)

Paid per share

$1.00 in the last 12 months (4 payments)

Current annual rate

$1.00 ($0.25 × 4 a year)

Payout ratio

32% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

August 14, 2026, $0.25 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 0.0% a year. From 2015 to 2025, the dividend fell by about 4.0% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.