Casino concessionaire Wynn Macau Ltd reported aggregate operating revenues of US$989.2 million for the first quarter of 2026, up 14.2 percent year-on-year, with most of the growth coming from its Wynn Palace property (pictured) in the Cotai district of Macau.
The firm’s adjusted property earnings before interest, taxation, depreciation, amortisation, and rents (EBITDAR) for the three months to March 31 were US$279.4 million, a 10.9-percent increase from the prior-year period.
Craig Billings, chief executive of the parent Wynn Resorts Ltd, said in prepared remarks for the group results: “In Macau, we saw a meaningful increase in gaming volumes year-over-year alongside healthy market share, and we were pleased to increase the dividend from Wynn Macau Ltd – a reflection of the strong free cash flow the business is generating.”
The news came as the parent announced, during the first-quarter earnings call, a US$950-million second tower at Wynn Palace. It is due to open well before the end of the current Macau casino concession period in December 2032.
In March, Wynn Macau Ltd had announced a final dividend of HKD0.223 (US$0.028) per share for the year ended December 31, 2025. That compared with a final dividend of HKD0.185 per share paid for full-year 2024. The dividend is due to be ratified at the Macau unit’s annual general meeting on May 28.
Wynn Macau Ltd operates the resorts Wynn Macau, on the city’s peninsula, and Wynn Palace in the Cotai district.
Brokerage Jefferies said in a Thursday note that Wynn Macau Ltd’s first-quarter sales and EBITDA “were in line” with its estimates, “while top line slightly missed consensus estimates by 4 percent”.
The Wynn Macau property recorded operating revenue of nearly US$329.9 million in the first three months of 2026, down slightly on the nearly US$330.0 million a year ago. The property’s adjusted EBITDAR were US$75.6 million, down 16.2 percent from first-quarter 2025.
The parent said VIP table games win at the Wynn Macau venue as a percentage of turnover was 0.39 percent, “below the property’s expected range of 3.1 percent to 3.4 percent and below the 1.09 percent experienced in the first quarter of 2025”.
The Wynn Macau complex recorded casino operating revenue of US$276.7 million for the three months to March 31, up 0.4 percent from a year ago.
Wynn Palace saw first-quarter 2026 operating revenue jump 23.0 percent year-on-year to US$659.3 million. Adjusted EBITDAR for the property stood at US$203.8 million, up 25.9 percent from a year ago. The complex recorded casino operatimg revenue of US$564.9 million for the quarter, up 27.1 percent from the prior-year period.
Wynn Macau Ltd’s long-term debt stood at just over US$5.85 billion at the close of the first quarter. It held US$95.7 million in restricted cash.
The Wynn Resorts parent – which controls Wynn Las Vegas and Encore in Las Vegas, Nevada, as well as Encore Boston Harbor in Massachusetts in the U.S. – reported consolidated operating revenues of US$1.86 billion for the first quarter of 2026.
That was an increase from US$1.70 billion for the first quarter 2025. For the three months to March 31, net income attributable to Wynn Resorts was US$120.5 million for the first quarter of 2026, versus US$72.7 million in the prior-year period.
