Adjusted property EBITDAR declined 18.6% to $464.2 million, which the company put down to unfavorable hold in Las Vegas and labor disruption at Encore Boston Harbor, while operating profit fell 42.6% to $178.2 million and pre-tax profit dropped 77.7% to $42.3 million. Las Vegas revenue slipped 7.4% to $575.2 million, with table games win at 18.9%, below the expected 22% to 26% range, and Encore Boston Harbor revenue was down 8.2% to $194.4 million.
In Macau, Wynn Palace generated $583.8 million and Wynn Macau $335.4 million, both around 8% lower, although the Macau operations still delivered adjusted property EBITDAR of $255.3 million, helped by $12.3 million from favorable VIP results. During the quarter, Wynn began building the Enclave tower, which will add 432 suites to Wynn Palace in early 2029, as well as a new theater and event center due to open in 2028.
Craig Billings, CEO of Wynn Resorts, said:
“China is a large, complex economy that has been doubted many times before and keeps adapting. We’re not betting on a straight line. We’re betting on that adaptation.”
Wynn Al Marjan Island in the UAE, where interior fit-out of the guest rooms is under way, remains on track to open in September 2027, and revenue for the first nine months of the year was up 2.5% at $5.4 billion.
