Las Vegas, May 8, 2026, 12:01 PDT
Wynn Resorts Ltd. stock slid on Friday, despite the company topping first-quarter profit forecasts. Investors seemed unsettled by the postponed resort project in the UAE and news of a fresh $900 million-plus expansion planned for Wynn Palace in Macau.
Wynn shares fell $7.21 to $99.64 by midday in U.S. trading. That drop left the stock lagging behind Las Vegas Sands, which slipped $0.73, and MGM Resorts, ticking up $0.31, as casino investors picked through a mixed showing for Macau and Las Vegas operators.
That’s relevant right now, with Wynn banking on a trio of factors: Macau’s rebound, steady luxury demand in Las Vegas, and the upcoming Wynn Al Marjan Island launch in Ras Al Khaimah. The latest earnings topped forecasts, sure, but questions about capital costs and project timing remain unresolved.
Wynn reported a 9.2% bump in operating revenue, reaching $1.86 billion for the quarter ended March 31, compared with $1.70 billion last year. Net income attributable to Wynn Resorts rose to $120.5 million from $72.7 million. Adjusted net income landed at $1.25 per diluted share.
Adjusted profit came in ahead of Wall Street’s $1.18-a-share estimate, LSEG data cited by Reuters show. The outperformance was attributed to stronger results from Macau, where Wynn owns both Wynn Palace and Wynn Macau, Reuters reported.
Wynn’s Adjusted Property EBITDAR climbed to $562.4 million, up from $532.9 million. The company uses this operating metric—which leaves out interest, taxes, depreciation, amortization, pre-opening costs and certain rent expenses—as a supplemental figure. Wynn cautions it shouldn’t replace net income or cash flow.
Most of the lift came from Wynn Palace, where revenue jumped 23% to $659.3 million and adjusted property EBITDAR reached $203.8 million. Over at Wynn Macau, revenue held steady at $329.9 million, but adjusted property EBITDAR slipped to $75.6 million.
Las Vegas held steady—less dramatic moves here. Wynn reported $661.9 million in revenue at its Las Vegas properties, a 5.9% increase, with adjusted property EBITDAR coming in at $232.5 million, up 4.1%. CEO Craig Billings told analysts this was the strongest March ever for the property. He added that RevPAR, or revenue per available room, climbed close to 10% from last year.
Wynn is set to expand in Macau with The Enclave at Wynn Palace, according to a recent filing. Plans call for a 432-suite tower right by Wynn Palace’s east entrance, with the project budgeted somewhere between $900 million and $950 million—capitalized interest included. Construction is slated to kick off in the back half of 2026 and is expected to take about two and a half years.
Billings pushed back on the idea that the tower is “a speculative bet,” noting Wynn Palace is sitting at about 99% occupancy. Speaking to analysts, he clarified there’s no gaming component planned; the project is designed to channel guests into the existing casino, restaurants, and other resort areas. Alphastreet
The UAE project is still the biggest question mark. Billings reported that construction at Wynn Al Marjan Island is pushing ahead, with over 22,000 workers currently on site. But ongoing logistics and shipping challenges in the region have led Wynn to anticipate what he called a “modest delay” in the opening schedule. Billings added that the company will clarify the length of that delay in the next few months. Alphastreet
Wynn put another $100.1 million into the Al Marjan joint venture during the first quarter, according to a filing, pushing total cash paid in so far to $1.01 billion. The company pegs its remaining 40% equity commitment for Wynn Al Marjan Island and related developments at somewhere between $350 million and $450 million. The resort’s opening date hasn’t shifted—it’s still slated for 2027.
There’s a chance “modest” doesn’t cut it. If the Gulf supply-chain headaches drag on, Wynn could see higher pre-opening expenses or delays in UAE cash returns. Macau remains unpredictable, hinging on high-end demand and the volatility of table-game hold — basically, how much the house keeps. Boston slipped: Encore Boston Harbor posted a 1.7% revenue drop and a steeper 12.1% decline in adjusted property EBITDAR. Alphastreet
Wynn continues to send money back to shareholders. The board signed off on a 25-cent quarterly dividend, scheduled for May 29 for investors holding shares as of May 18. First-quarter buybacks totaled $53.8 million. That cash return runs parallel to a growing project pipeline, rather than replacing it.
