Wynn Resorts’ Macau operations generated more than $1 billion in operating revenue in the second quarter of 2026, up 13.7 percent year-on-year, as Wynn Palace drove nearly all of the group’s revenue growth.
Adjusted property EBITDAR from the two Macau properties rose 17.1 percent to $297 million, from $253.7 million a year earlier. The EBITDAR margin reached 29.6 percent, according to the company’s results released on Tuesday.
Wynn Palace operating revenue jumped 21.1 percent to $653.4 million, while adjusted property EBITDAR increased 28.2 percent to $201.5 million. The property accounted for $113.8 million of Wynn Resorts’ $119.1 million consolidated revenue increase during the quarter. Wynn Macau posted a more moderate 2.1 percent rise in operating revenue to $351.1 million. Its adjusted property EBITDAR slipped 1 percent to $95.5 million.
Wynn Resorts described the Macau gaming market as highly competitive but stable. “It is a very competitive market. It has been stable, particularly with respect to the promotional environment and reinvestment,” Wynn Resorts chief executive Craig Billings said.
Mass strength offsets VIP contraction
Wynn Resorts chief executive Craig Billings said during the company’s earnings call that Macau produced $306 million in VIP-normalized adjusted property EBITDA. Unfavorable VIP hold reduced the reported result by approximately $8.6 million.
Combined mass-market table drop across the two properties rose about 5.5 percent. However, combined VIP turnover fell 36.8 percent.
Billings noted that credit discipline plays a role in shaping the VIP segment. “We tend to be very, very prudent with credit… we and others in the market have longstanding relationships with particular customers who we extend credit to, that can tend to make those customers sticky,” he said.
At Wynn Palace, mass-market table drop increased 3 percent, while table games win surged 36.9 percent. The property recorded a mass-table win rate of 29.7 percent, compared with 22.3 percent a year earlier.
Billings acknowledged that mass hold was “at the higher end of the range,” adding that the operator was seeing increased side-betting activity on its casino floors.
“We’re very focused on one particular customer type, and that happens to be the customer type that is driving the market at the moment,” he said.
At Wynn Macau, mass-market table drop rose 8.3 percent and slot handle increased 18 percent. However, VIP turnover dropped 56.4 percent, while VIP win fell 67 percent.
Management said operating expenses in Macau, excluding gaming tax, increased 9 percent year-on-year to approximately $2.9 million per day but remained flat quarter-on-quarter. The increase was partly attributed to investment in the premium customer experience, including the expansion of the Chairman’s Club.
Looking ahead, Billings said rolling-chip volumes and mass drop were slightly lower year-on-year early in the third quarter due to the World Cup and normal seasonality.
However, activity improved during the second half of July as the summer holiday period began, with the recovery continuing into early August.
Billings described the improvement as a “return to a more normal cadence,” while cautioning that the effects of the World Cup and seasonal weakness could not be separated with precision.
