Wynn Resorts showed a marked improvement in its financial performance across revenue, income, and adjusted earnings in the second quarter. The company recorded operating revenue of $1.86 billion during the quarter. This represented an increase of $119.1 million. It compared to the $1.74 billion achieved in the same period of 2025. Net income also saw a significant leap. It climbed to $140.1 million. This more than doubled the $66.2 million it earned in the second quarter of the previous year.
Diluted net income per share surged to $1.32 in the second quarter of 2026, compared to $0.64 in the same period in 2025. Adjusted property EBITDAR also climbed to $568.3 million, up from $552.4 million in the previous year. CEO Craig Billings highlighted that the company's strong performance was driven by record-breaking results in Las Vegas during May and robust growth in Macau.
Major Project Update
He confirmed that the integrated resort will open in September 2027. This major project, a 40%-owned joint venture with partners in Ras Al Khaimah, is receiving steady financial support through ongoing contributions.
Wynn Palace experienced the most significant revenue increase, with operating income rising to $653.4 million—an increase of $113.8 million compared to the previous year. Adjusted property EBITDAR for Wynn Palace climbed to $201.5 million, up from $157.2 million in the second quarter of 2025. Mass-market table games at the property showed a win percentage of 29.7%, far exceeding the 22.3% recorded in the same period last year.
Regional Performance Highlights
Wynn Macau saw a modest increase in revenue. Its operating revenue reached $351.1 million. This was up from $343.8 million in the second quarter of 2025. However, its adjusted EBITDAR fell slightly to $95.5 million. The property's mass-market win percentage dipped to 17.1%. This was down from 17.4% in the previous year. VIP table games also showed a decline. Their win percentages fell to 2.6%. This was well below the expected range of 3.1% to 3.4%. It was lower than the 3.4% from the second quarter of 2025.
The Las Vegas operations contributed $643.2 million in operating revenue during Q2 2026. This was a $4.6 million increase compared to the $638.6 million in the second quarter of 2025. Adjusted EBITDAR for the Las Vegas operations dropped to $215.2 million. It was down from $234.8 million in the previous year. The property's table games win percentage was 23.9%. This was within the expected range of 22% to 26%. It was a notable rise from the 21.8% recorded in the same period last year.
Encore Boston Harbor reported a decline in revenue. Its operating income fell to $209.3 million. This was a $6.4 million decrease from $215.7 million in the second quarter of 2025. Adjusted EBITDAR also dropped to $56.1 million. This compared to $63.9 million in the previous year. The property's table games win percentage came in at 18.1%. It stayed within the expected range of 18% to 22%. Although it was below the 21.3% recorded in the second quarter of 2025.
As of June 30, Wynn Resorts held $1.57 billion in cash and equivalents. Short-term investments held by Wynn Macau totaled $527.4 million. The company's total outstanding debt stood at $10.72 billion, with $5.76 billion of that amount linked to operations in Macau. Other debts included $877.8 million tied to Wynn Las Vegas, $3.49 billion for WRF, and $598.9 million held by the retail joint venture.
Financial Strategy and Shareholder Returns
In a move to return value to shareholders, Wynn’s board of directors declared a cash dividend of $0.25 per share, to be paid out on August 28 to stockholders of record as of August 14. During the second quarter, the company repurchased 741,098 shares of its common stock under its equity-repurchase program, with an average price per share of $101.20, totaling $75 million in buybacks.