Dive Brief:
- Wynn Resorts saw operating revenues and adjusted property EBITDAR decrease year over year in the third quarter of 2026, according to a Thursday earnings report.
- In Las Vegas, Wynn’s operating revenues and adjusted property EBITDAR were also down year over year in Q3, though Wynn Las Vegas “saw healthy demand amid slower market conditions,” CEO Craig Billings said in the report.
- Despite the less-than-stellar Q3 results, the quarter “demonstrated strong operational discipline from the teams in each of our regions,” Billings said. The CEO is encouraged by the Thursday resolution of a strike at Encore Boston Harbor and future demand trends in Las Vegas, he said on an earnings call.
Dive Insight:
In Q3, more than 1,300 Wynn workers went on strike at Encore Boston Harbor, which “proved to be a modest headwind” for the company, Billings said.
The strike remained ongoing into November, though Billings announced on the Thursday call that Wynn had reached a “framework for resolution with union leadership,” and a ratification vote on the agreement was scheduled for later Thursday.
Members of Unite Here Local 26 and Teamsters Local 25 ratified a new collective bargaining agreement with Encore Boston Harbor later that evening, per a release shared with Hotel Dive.
The agreement “recognizes the important contributions of union employees and reflects a shared commitment to the people who make the resort such a special place. We are excited to return to work, move forward together, and begin a new chapter at Encore Boston Harbor,” Unite Here Local 26 said in the release, though terms of the agreement were undisclosed.
In Las Vegas, Wynn saw a “complicated [third] quarter with more headwinds than tailwinds,” Billings said. Despite challenges, the operator saw both RevPAR and ADR increase 3% year over year in Q3 in Vegas, per Billings, who said “the high-end consumer remains healthy.”
Year-over-year RevPAR and ADR gains continued into October, with the remainder of the fourth quarter looking “quite healthy,” Billings said. Las Vegas will see momentum in Q4 from Formula 1, a robust convention calendar and the NFL season, he added.
“F1 weekend is pacing ahead of last year in rate and occupancy, with demand for tickets and rooms still very high,” he said. “Beyond the fourth quarter, our group and convention business for 2027 has both room nights and rate pacing ahead of where 2026 and 2025 stood at this point.”
Wynn wasn’t the only resort and gaming operator that saw declines in Las Vegas in Q3. Competitors MGM Resorts International and Caesars Entertainment also reported decreased revenues and adjusted EBITDA in the segment.
In conjunction with its earnings report, MGM announced it amended its existing Voting Agreement with People Inc. following People’s failed takeover attempt. And Caesars did not host a Q3 earnings call amid its pending acquisition by Fertitta Entertainment.
