Dive Brief:
- In the first quarter of 2026, Wynn Resorts saw operating revenues and adjusted property EBITDAR increase year over year, reflecting strength across all of the company’s markets including Las Vegas, CEO Craig Billings said in an earnings report.
- In Sin City, where Wynn operates Wynn Las Vegas and Encore, operating revenues and adjusted property EBITDAR were up roughly 6% and 4% year over year, respectively, in Q1, according to the report.
- On the heels of the results, Billings said during a Thursday earnings call that Wynn continues “to feel good about the business in Las Vegas for the remainder of 2026,” as the market sees improving demand fundamentals.
Dive Insight:
Wynn saw hotel RevPAR in Las Vegas up nearly 10% year over year in the first quarter. Positive trends have continued into the second quarter, with ADR up year over year in April, Billings shared.
Group business also remains on pace to grow by both room nights and rate this year, as compared to full-year 2025, Billings said.
The quarterly results signaled improvements in the market, after Wynn posted RevPAR declines in the fourth quarter of 2025. Despite those declines, Billings said on the Thursday call that Wynn “had an incredibly strong 2025, unlike the market in general.”
Las Vegas posted the largest year-over-year declines in ADR and RevPAR among other top 25 U.S. markets in 2025, CoStar previously reported. While Wynn competitors Caesars Entertainment and MGM Resorts International posted rocky results throughout 2025, their CEOs pointed to improving market fundamentals during respective Q1 earnings calls.
Billings said “Las Vegas is performing incredibly well by all historical standards,” noting that the company is looking forward to starting its Encore Tower remodel in the coming weeks.
Also during Q1, Wynn Resorts appointed Craig Fullalove as chief financial officer.
