Casino operator Wynn Resorts, Limited (WYNN) Tuesday reported a decline in third-quarter profit, reflecting higher other expenses and lower income tax benefit compared with last year. Revenue edged up in the quarter despite lower casino revenues, driven by growth in revenues from rooms, food and beverage, and entertainment. The company's shares have fallen more than 8% on the Nasdaq.
Wynn Resorts reported third-quarter net income of $34.21 million or $0.28 per share, a decline from $51.2 million or $0.49 per share last year. Adjusted net income was $39.93 million or $0.33 per share, compared to $64.31 million or $0.62 per share in the same quarter last year.
On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.11 per share for the quarter. Analysts' estimates typically exclude special items.
For the sequential second quarter, the company's GAAP net income was $25.5 million or $0.21 per share and adjusted net income was $11.5 million or $0.09 per share.
Wynn Resorts, led by billionaire Stephen Wynn, posted third quarter net revenues of $773.07 million, up from $769.19 million in the prior-year quarter. Fifteen analysts had a consensus revenue estimate of $743.05 million.
For the second quarter, the company had reported revenues of $723.3 million.
According to the company, net casino revenues remained flat with last year's $144 million. Table games drop was $518.1 million, with win per table per day before discounts of $5,801, compared to a drop of $531.0 million and win per table per day of $10,062 in the third quarter of 2008. Slot machine's win per unit per day was $149, compared to a win per unit per day of $225 a year ago. The reduction in win per table and win per unit is due to the addition of 91 tables and 812 slot machines primarily at Encore, the company noted.
Gross non-casino revenues rose 17.9% to $225 million for the quarter, driven primarily by higher hotel and food and beverage revenues resulting from Encore. Hotel revenues were $76.9 million, up 17.7% from $65.3 million last year, due to the addition of 2,034 suites at Encore.
Further, the company stated that its Las Vegas operations achieved an Average Daily Rate, ADR, of $210 for the quarter, compared to $272 a year ago. Occupancy was 83.9%, lower than 96.1% in the prior-year quarter, generating revenue per available room, or REVPAR, of $176, a decline of 32.6% from last year.
Third quarter food and beverage revenues increased 29.8% to $96.8 million, helped by the additional 12 food and beverage outlets located in Encore. Retail revenues were $21 million, 8.6% below last year's levels. Entertainment revenues increased 3.9% to $16.6 million, primarily due to the contribution from headliner performances during the quarter.
Wynn Macau, which recently listed its shares on the Hong Kong exchange, generated net revenues of $448.5 million in the third quarter, down from $474.8 million in the third quarter of 2008. Wynn Macau achieved an Average Daily Rate, or ADR, of $263, down from $272 a year ago. The property's occupancy rose to 89.2% from 86.2% in the previous year, resulting in REVPAR of $235, slightly above 2008 levels of $234.
For the nine-month period, Wynn Resorts earned $25.88 million or $0.22 per share, sharply lower than last year's $370.05 million or $3.36 per share. Net revenues declined to $2.24 billion from $2.37 billion a year earlier.
Among others in the sector, Las Vegas Sands Corp. (LVS) is expected to report a loss of $0.01 per share for the third quarter, according to Wall Street analysts. Revenues are forecast at $1.17 billion for the quarter.
Another peer MGM Mirage (MGM) is slated to release its financial results on November 5. Street analysts are of the view that the company will record a loss of $0.07 per share on revenues of $1.48 billion.
WYNN is trading at $57.78, down $5.29 or 8.39%, on a volume of 8.29 million shares.
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