Wynn Resorts misses third-quarter forecasts as Las Vegas hold and Boston strike weigh
Chief executive Craig Billings blames a Las Vegas hold rate outside its expected range and the Encore Boston Harbor strike, and says Wynn Al Marjan Island is on track for September 2027.
Chart: WYNN, one-minute prices, three sessions
Wynn Resorts earned $0.33 a share in the third quarter, $0.39 worse than expected, on revenue of $1.69B against $1.80B expected.
Craig Billings, the chief executive, pointed to two causes. Wynn Las Vegas was hurt by a hold rate outside its expected range, while Encore Boston Harbor managed through a labor strike. Hold rate is the share of gamblers' stakes a casino keeps, and over a single quarter it can run above or below its norm.
The miss follows a strong second quarter. In August Wynn reported EPS of $1.24, $0.25 better than expected, on revenue of $1.86B against $1.83B expected, and the shares rose 3.6% after that report. The swing from beat to miss is sharp.
Both causes look like operating noise rather than a flaw in the strategy. A hold rate normally drifts back toward its range, and a strike ends. The board seems to read it that way too: it declared a cash dividend of $0.25 per share, payable November 30 to stockholders of record on November 16.
Billings also said Wynn Al Marjan Island remains on track to open in September 2027.
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Wynn Resorts says its indirect subsidiary Wynn Resorts (Macau) S.A. has entered a subscription agreement with Macau Project Management (No. 2) Limited, the general partner of the Macau SAR Government Guidance Fund No. 2, Limited Partnership Fund, to commit capital investment of up to MOP1,365,030,000 to the fund. The company states the investment constitutes non-gaming investment and counts toward Wynn Macau's committed investment obligations under its gaming concession contract with the Macau government dated December 16, 2022. The subscription was disclosed in an announcement filed by Wynn Macau, Limited with the Hong Kong Stock Exchange on October 23, 2026.