Wynn Resorts Posts Q2 Growth Despite UAE Resort Delays
Highlights:
- Wynn Resorts saw steady financial gains in the second quarter.
- The company’s solid performance in Macau helped balance the delays and rising costs in the UAE project.
The strongest part of the business during the quarter was Macau. Wynn Palace in Cotai reported $653.4 million in revenue a 21% year-on-year growth. Adjusted EBITDAR also increased by 28% to $201.5 million.
Mass-market play drove the growth at Wynn Palace. VIP turnover decreased by 32% and VIP table-game win decreased by 29%. In contrast, mass-market table-game win rose 37%. Wynn is also continuing to invest in its Macau operations. Construction of The Enclave, a 432-suite hotel tower at Wynn Palace, is expected to start by the end of 2026.Experts expect the project to cost between $900 million and $950 million and to open in 2029.
Gross revenues in Las Vegas stayed steady at $643.2 million. However, casino revenue increased by 6.5% to reach $158.1 million. Adjusted EBITDAR for the segment decreased by 8% year-on-year to $215.2 million.
The Wynn Al Marjan Island project is not finished yet due to delays and rising costs. Wynn’s Q2 report shows that Macau is still a strong market, and the other markets stayed stable.
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