Wynn Resorts Q3 2026: A Bad Hold Rate Cuts EPS Nearly in Half

Wynn Resorts reported adjusted earnings per share of $0.33 for the third quarter of 2026, missing the $0.61 consensus estimate. Revenue of $1.69 billion also missed expectations and fell 7.9% year over year, leaving the company with a quarter that disappointed on every major headline metric.

The single biggest culprit was Las Vegas table games hold, which came in at 18.9%, well beneath the property's expected 22% to 26% range and below the 23.0% posted a year ago. That variance alone dragged casino revenue down 23.6% and trimmed Las Vegas segment Adjusted Property EBITDAR by $44.60 million to $158.80 million. Hold rate is largely a function of luck in any given period, so the miss reflects an unfavorable statistical outcome more than a structural demand problem, but the financial damage to the quarter was real regardless.

Macau provided no relief. Wynn Palace revenue fell 8.1% as mass table drop declined 12.9% and VIP turnover fell 14.3%. Wynn Macau fared worse on the VIP side, with turnover dropping 53.9%. Both properties posted double-digit declines in EBITDAR, consistent with the broader regional softness flagged across the industry this quarter. Encore Boston Harbor slipped 8.1% partly because a labor strike began in early September, which pressured occupancy to 91.9% from 95.5% a year earlier.

The damage flowed through to the bottom of the income statement. GAAP net income attributable to Wynn fell to $17.30 million from $88.30 million a year ago, compounded by $22.03 million in property charges and a $5.39 million loss on debt financing transactions. Operating income dropped 42.6% year over year, and the company carries $10.73 billion in total debt, a figure that leaves limited cushion when revenue stumbles.

Looking beyond the quarter, Wynn repurchased 627,475 shares at an average price of $92.61 during Q3, spending $58.1 million, and declared a $0.25 per share cash dividend payable November 30. The company also refinanced $900 million of its 5.250% Las Vegas notes due 2027 with new 6.875% senior notes due 2035. Progress continues on Wynn Al Marjan Island in the UAE, a 40%-owned joint venture targeting a September 2027 opening, with life-to-date cash contributions reaching $1.12 billion through the end of the quarter.