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

On August 4, Wynn Resorts Limited (NASDAQ: WYNN ) reported second quarter 2026 results showing net income more than doubling to $140.1 million from $66.2 million a year earlier, while revenue climbed to $1.86 billion. Diluted earnings per share jumped to $1.32 from $0.64. Behind that headline number sits a messier picture: one Macau property carried the quarter while Las Vegas and Boston watched their profits shrink, even as management pressed ahead with a resort in the United Arab Emirates that will not open until September 2027.

Wynn Palace did the heavy lifting this quarter. Revenue jumped $113.8 million to $653.4 million, and Adjusted Property EBITDAR climbed to $201.5 million from $157.2 million a year earlier. The mass market table games win percentage came in at 29.7%, well above the 22.3% posted in the second quarter of 2025, a sign that ordinary gamblers, not just high rollers, are spending more at the tables. Las Vegas also showed discipline where it counts: the table games win percentage reached 23.9%, inside the property's expected 22% to 26% range and up from 21.8% a year earlier.

Wynn Resorts backed up the earnings jump with capital returns. The board declared a quarterly dividend of $0.25 per share, payable August 28, to shareholders of record as of August 14. The company also bought back 741,098 shares during the quarter at an average price of $101.20, spending $75.0 million, and still has $326.1 million left under its repurchase authorization. Construction, meanwhile, continues on Wynn Al Marjan Island, the joint venture project in Ras Al Khaimah, with life-to-date cash contributions reaching $1.06 billion as of June 30.

Strip away Wynn Palace and the picture changes. Adjusted Property EBITDAR fell at three of Wynn's four properties. Las Vegas Operations brought in $4.6 million more revenue, but EBITDAR still dropped $19.6 million to $215.2 million, meaning costs ate into the top-line gain. Encore Boston Harbor had it worse on both ends, with revenue down $6.4 million to $209.3 million and EBITDAR down $7.8 million to $56.1 million; its table games win percentage slipped to 18.1% from 21.3% a year earlier, even though it stayed inside the expected 18% to 22% range.

Wynn Macau's revenue rose $7.3 million, but EBITDAR still slipped to $95.5 million from $96.5 million, and its VIP table games win percentage of 2.58% fell well short of both the prior year's 3.41% and the property's own 3.1% to 3.4% target range. Wynn Palace's VIP win percentage of 2.97% missed its target range too, even with mass market strength carrying the property overall.