Strong Las Vegas showing boosts Wynn’s 1st Q earnings results

Buoyed by strong results from its Las Vegas properties, Wynn Resorts Ltd. on Thursday reported it nearly doubled net income in the first quarter of 2026.

The Las Vegas-based luxury resort company also cautioned that the Mideast war could result in a “modest delay” in the opening of its 40 percent-owned, $5.1 billion Wynn al Marjan Island project in the United Arab Emirates, due to supply line disruptions.

Wynn CEO Craig Billings said he still anticipates a 2027 opening of the 1,542-room resort.

“We do expect a modest delay in our opening timeline, and I expect that we will quantify that in the coming months,” Billings said in a conference call with investors. “That said, the project continues to move forward every day. Looking ahead, the UAE has world-class tourism infrastructure, unrivaled airport capacity and a strong policy framework.”

Construction on the project shut down briefly at the height of Iranian attacks on the UAE in March, but work has now continued.

“As the region stabilizes, we expect the country will find smart ways to accelerate tourism and over the longer term, will continue to be one of the most attractive destinations in the world for high-net-worth residents and visitors,” Billings said.

It was high-net-worth visitors that provided Wynn and Encore Las Vegas a boost that resulted in the best March in the history of the properties.

The company’s Las Vegas operation saw a 5.9 percent increase in operating revenue compared with the first quarter of 2025 to $661.9 million, including a 10.7 percent increase in casino revenue.

Table-game win was up 19.7 percent, offsetting a decline in slot-machine win of 2.4 percent. The average daily room rate for the Las Vegas properties soared 12.3 percent to $592 a night, offsetting a slight decline in occupancy rates.

The debut of the Zero Bond social club and Sartiano’s Italian Steakhouse were highlights that drew crowds to the Las Vegas property, Billings said.

The strong showing continues a pattern of high-end Las Vegas properties thriving while moderately priced resorts struggle for visitation.

Billings said room renovations are on the horizon for the local property.

“We will begin the Encore Tower remodel in just a few weeks, a project that will ensure our rooms continue to set the standard in Las Vegas,” Billings told investors.

The quarter that ended March 31 also saw strong results in Wynn’s Macao properties, offsetting weakness experienced at Encore Boston Harbor. In Macao, the company is investing $900 million to build a 432-all-suite hotel tower to be named the Enclave at Wynn Palace that will increase room capacity at the company’s top luxury offering by 25 percent.

Wynn’s board of directors also announced Thursday that it is paying a 25-cents-per-share cash dividend, payable May 29 to shareholders of record as of May 18.

The company also repurchased $54 million in stock during the quarter.

For the quarter, the company reported $120.5 million net income, $1.04 a share on revenue of $1.857 billion. That compares with net income of $72.7 million, 69 cents a share, on revenue of $1.7 billion for the same period a year ago.

Wynn shares, traded on Nasdaq, closed down 72 cents a share, 0.7 percent, to $106.85 a share on below-average daily volume.