Wynn Resorts, Limited (WYNN)

Wynn Resorts earned $140.1 million in the second quarter of 2026, up from $66.2 million a year earlier, on revenue of $1.86 billion 1.

Most of the gain came from Wynn Palace in Macau, where casino revenue rose $116.1 million as more everyday visitors played at the tables 1.

On 22 September 2026 a Wynn finance unit issued $900 million of 6.875% senior notes due 2035 4. The money, with cash on hand, is to redeem 5.250% notes due 2027 of Wynn Las Vegas 4.

In July 2026 the Macau government published an amended land contract that lets Wynn add a five-star hotel, a theater and an event center at Wynn Palace 3. Wynn owes an extra land premium of MOP652.3 million, about $80.8 million 3.

Wynn Resorts builds and runs large resorts that combine hotel rooms, shops, restaurants, shows and a casino 2. Its resorts sit in Macau, Las Vegas and Everett, Massachusetts 2.

Wynn Las Vegas opened in April 2005, and its Encore tower followed in December 2008 2. Wynn Macau opened in September 2006, with an Encore expansion in April 2010 2.

Wynn Palace opened on Macau's Cotai Strip in August 2016 2. Encore Boston Harbor opened in Everett, Massachusetts, on 23 June 2019 2.

Founder Stephen A Wynn separated from the company under an agreement dated 15 February 2018 7. The company keeps a licence to use the Wynn surname 7.

Macau visits and gaming fell from early 2020 to December 2022 under pandemic border controls 7. Authorities lifted those measures in December 2022 and January 2023, and the market grew again 7.

On 16 December 2022 Wynn Macau SA signed a gaming concession contract for 10 years, from 1 January 2023 to 31 December 2032 2. Only concessionaires may run casinos in Macau, and they pay a special gaming tax of 35 percent of gross gaming revenue 2.

Revenue rose 9.1 percent to $7.13 billion in 2024, and Macau revenue rose 18.8 percent on higher gaming volumes 7. Net income fell 31.4 percent to $501.1 million because a tax benefit shrank by $500.5 million 7.

In 2025 revenue was flat at $7.14 billion, up 0.1 percent, and net income fell 34.7 percent to $327.3 million 2. A $101.3 million rise in the tax provision and a $63.8 million drop in interest income explain most of it 2. Casino revenue rose 3.5 percent in 2025 while rooms revenue fell 8.1 percent 2.

Where the money comes from

Casino revenue was $4.41 billion in 2025, or 61.8 percent of the total 2. Rooms brought in $1.14 billion, food and beverage $1.04 billion, and entertainment, retail and other $549 million 2.

Macau: Wynn Palace and Wynn Macau

The two Macau resorts produced $3.72 billion of 2025 revenue, with Wynn Palace at $2.31 billion and Wynn Macau at $1.41 billion 2.

Wynn Palace has 1,706 guest rooms and 305 table games, and Wynn Macau has 1,014 rooms and 253 table games 2.

Wynn Palace revenue grew 21.1 percent in the second quarter of 2026, while Wynn Macau grew 2.1 percent 1.

Las Vegas and Boston

Las Vegas Operations took in $2.57 billion in 2025 and has 4,748 guest rooms and 231 table games 2. Encore Boston Harbor in Everett brought in $847 million and has 671 rooms 2.

People, rivals and rules

About 28,500 people worked for the company at the end of 2025, 12,000 in Macau and 16,500 in the United States 2. A union contract covers about 6,470 Wynn Las Vegas workers through 30 November 2028 2.

In Macau the other licensed casino operators are SJM, Galaxy, Venetian Macau, Melco and MGM Macau, and Macau gaming revenue was $30.9 billion in 2025 2.

Las Vegas had 38.5 million visitors in 2025, a 7.5 percent drop from 41.7 million in 2024 2.

The umbrella, in words

Wynn Resorts owns about 72 percent of Wynn Macau, Limited, which is listed in Hong Kong and holds the two Macau resorts 15. It owns Wynn Las Vegas outright apart from some retail space 1.

It is a 50.1 percent owner and managing member of a joint venture that owns and leases retail space at Wynn Las Vegas 1. It has a 40 percent equity interest in Island 3 AMI FZ-LLC, which is building Wynn Al Marjan Island in the United Arab Emirates 1.

Land held includes 51 acres at Wynn Palace, 16 acres at Wynn Macau and 128 acres of golf course land beside Wynn Las Vegas 2. Tilman J Fertitta reported owning 11.8 percent of the common stock in a Schedule 13G amendment 8.

The company is building the Enclave at Wynn Palace, a 432-key all-suite hotel tower, with a project budget of $900 million to $950 million 1. The company expects construction to begin in the second half of 2026 and span 2.5 years 1.

The company expects Macau project spending of $350 million to $400 million in 2026 and $750 million to $800 million in 2027 1.

The Macau government gave a maximum of 60 months from publication of the amended land contract to finish the Expanded Resort 3.

Wynn Al Marjan Island is currently expected to open in September 2027 1. The company estimates its remaining 40 percent share of cash contributions at $525 million to $650 million 1.

On 23 October 2026 Wynn Macau agreed to commit up to MOP1,365,030,000 to a Macau government guidance fund, counted toward its non-gaming investment duties under the concession 5.

The board declared a cash dividend of $0.25 per share on 4 August 2026, payable on 28 August 2026 6. The Macau concession runs to 31 December 2032 2.