Wynn Resorts reported third quarter results on November 5, and the headline number hides the real story. Consolidated operating revenue was $1.69 billion for the quarter ended September 30, 2026, down $144.7 million from $1.83 billion a year earlier.
Net income fell to $17.3 million, or $0.17 per diluted share, from $88.3 million, or $0.85, a year earlier. Adjusted Property EBITDAR dropped $105.9 million to $464.2 million.
Every property declined. The question that matters for Las Vegas is why this one did.
The Las Vegas Numbers
Las Vegas Operations produced $575.2 million in revenue, down $45.8 million from $621.0 million in the third quarter of 2025. Adjusted Property EBITDAR for Las Vegas was $158.8 million, down from $203.4 million.
The driver was table games hold. The win percentage was 18.9%, below the property's expected range of 22% to 26% and below the 23.0% posted a year earlier.
| Property | Q3 2026 revenue | Q3 2026 Adjusted Property EBITDAR |
|---|---|---|
| Las Vegas Operations | $575.2 million | $158.8 million |
| Wynn Palace | $583.8 million | $165.8 million |
| Wynn Macau | $335.4 million | $89.5 million |
| Encore Boston Harbor | $194.7 million | $50.1 million |
On the earnings call, management put the cost of that unfavorable hold at just under $24 million for Las Vegas alone. That is luck, measured in dollars.
The Room Rate Tells the Real Story
Here is the insight most coverage buried. While casino hold fell, the hotel held its price.
Average daily room rate rose 3.4% to $522, and revenue per available room rose 3.2% to $447, according to the reported call figures. Retail lease revenue rose 8% on the call as well.
Chief Executive Officer Craig Billings said it plainly in the release: "Wynn Las Vegas and our Macau properties both saw healthy demand amid slower market conditions. Wynn Las Vegas was also negatively impacted by a hold rate outside of our expected range."
Read those two facts together. Demand did not collapse. Pricing power did not collapse. The cards simply paid out more than the model expects.
What Smart Operators Take From This
First, separate luck from demand before you cut anything. A hold rate below the expected range is a variance problem, not a marketing problem, and discounting rooms into it would have made the quarter worse.
Second, watch the balance sheet moves. Wynn ended the quarter with $1.64 billion in cash and cash equivalents, repurchased 627,475 shares for $58.1 million at an average price of $92.61, and declared a cash dividend of $0.25 per share.
- Dividend: $0.25 per share, payable November 30, 2026, to stockholders of record as of November 16, 2026.
- Buyback: $58.1 million spent in the quarter, with $268.0 million of repurchase authority remaining.
- Growth bet: $62.2 million contributed in the quarter to Wynn Al Marjan Island in the UAE, bringing life to date contributions to $1.12 billion ahead of a planned September 2027 opening.
Total debt stood at $10.73 billion at September 30. This is a company absorbing a bad luck quarter while still funding a new resort, a dividend, and a buyback at the same time.
For Las Vegas businesses that feed off the high end, the takeaway is direct. The premium guest is still paying premium rates on the Strip. Build for that guest, and do not panic over a quarter the dice decided.
