Wynn Resorts, Limited posted $1.69 billion in operating revenues for the third quarter ended September 30, 2026, an $144.7 million decline from $1.83 billion in the same period a year earlier. Net income attributable to the company fell to $17.3 million from $88.3 million in Q3 2025, while Adjusted Property EBITDAR dropped to $464.2 million from $570.1 million.
Las Vegas Shortfall
The Las Vegas Operations segment absorbed the largest single EBITDAR hit, falling $44.6 million year-over-year to $158.8 million on revenues of $575.2 million. The primary driver was a table games win percentage of 18.9% — well below the property's expected range of 22% to 26% and down from 23.0% in Q3 2025. For hospitality operators tracking integrated-resort benchmarks, food and beverage revenues at the Las Vegas properties held essentially flat at $194.0 million for the quarter while room RevPAR inched up 3.2% year-over-year to $447, suggesting non-gaming amenities remained resilient even as casino volumes softened. The company declared a cash dividend of $0.25 per share payable November 30, 2026.
Boston Strike Impact
Encore Boston Harbor recorded $194.7 million in Q3 revenues, down $17.1 million from the prior year, with Adjusted Property EBITDAR contracting to $50.1 million from $58.4 million. CEO Craig Billings, in prepared remarks, credited on-property teams with "managing through the strike that began in early September, ensuring that we could continue delighting guests at our resort." Food and beverage revenues at Encore fell 17.3% for the quarter to $15.6 million — the steepest F&B percentage decline of any Wynn property — a direct signal of how labor disruptions translate into measurable revenue loss across dining and hospitality operations. For hospitality operators monitoring labor-related risk, the Boston situation underscores how quickly a work stoppage can erode ancillary revenue streams including restaurants and bars.
UAE Pipeline and Balance Sheet
Despite the quarterly pressure, Wynn continued investing in its long-term growth pipeline. The company contributed $62.2 million in cash during Q3 to the 40%-owned joint venture constructing Wynn Al Marjan Island in the UAE, bringing life-to-date contributions to $1.12 billion. The property is targeted to open in September 2027. Interior fit-out of all guest rooms is underway, according to Billings. On the debt side, Wynn refinanced $900 million in notes due 2027 with new 6.875% Senior Notes due 2035, extending its maturity profile. Cash and equivalents stood at $1.64 billion as of September 30, 2026, with more than $2.3 billion in combined revolver capacity. For industry observers tracking luxury hospitality expansion into new markets, the UAE project represents one of the most capital-intensive integrated resort developments currently underway globally, with food, beverage, and entertainment infrastructure forming a core component of the property's planned guest experience.
Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.
