Wynn Resorts’ Macau operations posted double-digit revenue and EBITDA growth in the first quarter of 2026, but profitability was held back by higher player reinvestment as the city’s premium-mass segment grew increasingly competitive, according to analysts at Seaport Research Partners and CBRE in investment memos.
Seaport Research Partners senior analyst Vitaly Umansky noted that player reinvestment as a percentage of mass volume increased at both Wynn Macau and Wynn Palace during the quarter. ‘All operators to have already reported experienced increase in player reinvestment in Mass,’ Umansky wrote, adding that managements across the sector ‘continue to speak about potential stabilization.’ The level of reinvestment at Wynn Macau came in higher than Seaport had modeled, although operating expense growth was lighter than expected.
Wynn’s gross gaming revenue in Macau rose 20 percent year-on-year, outpacing the broader market’s 14 percent expansion, with market share climbing roughly 70 basis points quarter-on-quarter to 13.8 percent. Net revenue increased 14.2 percent and property EBITDA grew 10.9 percent, although unfavorable VIP hold cost the company approximately $17 million.Â
According to Umansky, Wynn’s biggest challenge going forward will be defending its position at the top end of the market: ‘The key for Wynn will be to remain an operator of choice for the luxury end of the market in light of increased competition,’ he wrote, as rival operators continue to upgrade product quality and service offerings.
Wynn Enclave to drive Macau capex surge
On the investment front, Seaport projects Macau capital expenditure, excluding maintenance, will jump to between $400 million and $450 million in 2026, and to between $700 million and $750 million in 2027.
The increase reflects the recently announced Wynn Enclave, a 432 all-suite luxury hotel tower at Wynn Palace, estimated to cost between $900 million and $950 million and scheduled to open in 2029. The project will lift Wynn Palace’s room capacity by 25 percent and suite capacity by 50 percent.
CBRE described the move as Wynn ‘doubling down on Macau,’ reinforcing its premium strategy by capturing unmet demand at a property currently running at near-full occupancy.
Modest delay to Wynn Al Marjan opening
On Wynn Al Marjan Island in the United Arab Emirates, CBRE reported that construction has continued to progress despite regional conflict, with most issues so far related to logistical and shipping challenges that are expected to be manageable. Wynn is forecasting only a modest delay to the opening, which it intends to quantify at a later date.Â
CBRE has pushed its opening assumption from the first quarter of 2027 to the third quarter of 2027, reducing modeled management fees from the project in fiscal 2027 to $47 million from $72 million.
