Wynn Resorts (WYNN) Doubles Its Profit But Cracks Are Showing

Wynn Resorts (WYNN) reported a significant increase in net income for the second quarter of 2026, doubling to $140.1 million from $66.2 million the previous year. Revenue also rose to $1.86 billion, with diluted earnings per share reaching $1.32 from $0.64. However, not all properties performed well; Las Vegas and Boston experienced a decline in profits, while Wynn Palace drove the quarter's success.

Macau's Wynn Palace was the star of the quarter, with revenue increasing by $113.8 million to $653.4 million and Adjusted Property EBITDAR rising to $201.5 million from $157.2 million. The mass market table games win percentage rose to 29.7%, indicating higher spending from regular gamblers. Las Vegas properties also showed discipline, with a table games win percentage of 23.9%, which was within the expected range.

Wynn Resorts paid a quarterly dividend of $0.25 per share to shareholders and repurchased 741,098 shares worth $75.0 million. Wynn Al Marjan Island construction continues, with $1.06 billion in life-to-date cash contributions. Three out of four properties showed a decline in Adjusted Property EBITDAR, with Las Vegas and Encore Boston Harbor experiencing the most significant drops.

Macau's EBITDAR also decreased despite a rise in revenue. The debt stands at $10.72 billion, and Wynn Al Marjan Island's opening in September 2027 remains an important test for the company's growth story.