Wynn Resorts reported its third quarter on November 5, and the Las Vegas story inside the numbers is not the one the headline suggests. Revenue fell and profit fell harder, but guests did not stop paying premium room rates. The casino tables simply paid out more than usual.
The Quarter in One Table: Luck Down, Rates Up
Companywide, operating revenues were $1.69 billion for the quarter ended September 30, 2026, a decrease of $144.7 million from $1.83 billion a year earlier. Net income attributable to Wynn Resorts was $17.3 million, or $0.17 per diluted share, compared with $88.3 million, or $0.85, a year earlier. Adjusted Property EBITDAR, the property-level profit measure Wynn reports, was $464.2 million, compared with $570.1 million.
| Las Vegas Operations | Q3 2026 | Q3 2025 |
|---|---|---|
| Operating revenue | $575.2 million | $621.0 million |
| Adjusted Property EBITDAR | $158.8 million | $203.4 million |
| Table games win percentage | 18.9% | 23.0% |
| Average daily rate | $522 | $505 |
| Revenue per available room | $447 | $433 |
| Occupancy | 85.5% | 85.7% |
The Las Vegas table games win percentage was 18.9%, below the property's expected range of 22% to 26%. On the earnings call, management said unfavorable hold cost Las Vegas just under $24 million in the quarter. Casino revenue in Las Vegas fell 23.6% to $123.4 million, while food and beverage revenue rose 0.7% to $194.0 million. CEO Craig Billings said in the release: "Wynn Las Vegas and our Macau properties both saw healthy demand amid slower market conditions."
The Insight: The High-End Guest Still Paid More
Here is the split most coverage will miss. Las Vegas occupancy was nearly flat, yet the average daily rate rose 3.4% to $522 and revenue per available room rose 3.2% to $447. Retail lease revenues rose 8%, according to management on the call. In other words, the weakness was concentrated in table luck and a softer summer, not in what guests were willing to pay for a room, a meal, or a shop.
October then strengthened. Management said casino drop, average daily rate, revenue per available room, and retail tenant sales were all up year over year in October. Wynn also opened the Cliff House Grill in October, the clubhouse and restaurant on the 18th green of the Wynn Golf Club, and XS Nightclub completed its renovation. The Encore Tower remodel remains on track for completion in the first half of 2027, and management expects Las Vegas capital spending to decline in 2027, with select food, beverage, and nightlife investments instead.
What to Watch Next, With Dates
- Grand Prix weekend: management said Formula 1 weekend is pacing ahead of last year in both rate and occupancy, making the November 19 to 21 race a live test of the recovery story.
- 2027 groups: group and convention business for 2027 is pacing ahead of where 2026 and 2025 stood at this point, in both room nights and rate. That is the longest leading indicator Wynn watches.
- Dividend clock: the board declared a $0.25 per share cash dividend, payable November 30, 2026, to stockholders of record as of November 16, 2026.
- Buyback: Wynn repurchased 627,475 shares at an average of $92.61, for $58.1 million, leaving $268.0 million of repurchase authority at September 30.
- The big build: Wynn contributed $62.2 million in the quarter to Wynn Al Marjan Island in the UAE, bringing life-to-date cash contributions to $1.12 billion, with a planned September 2027 opening.
Read the quarter that way and the actionable point is clear. Do not judge Wynn Las Vegas by one quarter of table luck. Judge it by whether room rates, October momentum, Grand Prix pacing, and 2027 convention bookings hold. Those four numbers, not the 18.9% hold, decide whether this was a bad quarter or the start of a real slide.
