Wynn Resorts Q2 Earnings Call Highlights

Wynn reported broad-based Q2 strength: Las Vegas generated $215 million in adjusted property EBITDA, Boston delivered $56.1 million, and Macau produced $297 million. Las Vegas casino revenue rose 5%, Boston achieved record hotel revenue and RevPAR, and Macau mass-market drop increased 5%. Wynn Al Marjan Island costs and timing increased: The UAE resort’s budget rose by approximately $600 million, with its opening now targeted for September 2027. Wynn expects to contribute roughly $525 million to $650 million in remaining equity, while maintaining plans for a full, non-phased opening. Expansion and shareholder returns remain priorities: Wynn plans major Macau developments, including a theater, event center and 432-suite hotel tower, while reporting $4 billion in cash and revolver availability. The company approved a $0.25 quarterly dividend, and Wynn Macau approved a $150 million final dividend.

Wynn Resorts NASDAQ: WYNN reported second-quarter strength across its Las Vegas, Boston and Macau operations, while outlining a higher budget and a September 2027 opening target for its Wynn Al Marjan Island project in the United Arab Emirates. Chief Executive Officer Craig Billings said Wynn Las Vegas generated $215 million of EBITDA during the quarter, or $219 million after adjusting for unfavorable gaming hold. Casino revenue increased 5%, supported by higher drop and handle, while RevPAR rose 3% and retail lease revenue increased 8%.

Billings said Las Vegas performance was particularly strong in May. More recently, the property has seen solid business volumes, rising slot revenue and higher RevPAR, although July was affected by unusually low gaming hold. The company expects another strong Formula 1 weekend and said transient and leisure bookings for the event are pacing ahead of last year. Group and convention bookings also improved as July progressed, with Billings saying the forward pace looks strong for the fourth quarter and 2027. Brian Gullbrants, Wynn Resorts’ COO for North America, said 2026 group business is pacing ahead of 2025 in both room nights and rates, while 2027 bookings are tracking at levels consistent with a solid year.

Wynn Las Vegas produced $643.2 million in operating revenue and $215.2 million of adjusted property EBITDA, representing a 33.5% margin. Unfavorable hold reduced quarterly EBITDA by just over $3.6 million, according to the company. Operating expenses excluding gaming taxes averaged $4.5 million per day, up 6.2% from a year earlier. The company attributed the increase to higher business volumes, contractual wage increases and investments in premium customer offerings, including the openings of Zero Bond, Casa Playa and PISCES. Billings said ongoing Encore renovations are expected to reduce Las Vegas revenue by roughly $2 million to $4 million per quarter through the first half of next year, reflecting rooms unavailable on peak dates. The company maintained its prior outlook for Las Vegas operating expenses, citing a range of $4.4 million to $4.7 million per day for the remainder of the year. Encore Boston Harbor generated $56.1 million of adjusted property EBITDA on $209.3 million of revenue, for a 26.8% margin. The second quarter set records for hotel revenue and RevPAR at the property, while slot revenue increased 1%. Operating expenses per day rose 2.9% to $1.19 million despite continued labor pressure, the company said. In Macau, Wynn reported $297 million of adjusted property EB...