3Q operating income at Wynn Macau Ltd down 39pct y-o-y, construction of The Enclave begins

Third-quarter operating income at Macau casino business Wynn Macau Ltd declined 39.2 percent year-on-year, to just below US$108.3 million. That is according to results from the United States-based parent Wynn Resorts Ltd, published on Thursday. Wynn Macau Ltd runs the Wynn Macau resort downtown and Wynn Palace (pictured) in the Cotai district in the Macau market. The Macau unit’s adjusted property earnings before interest, taxation, depreciation and rent (EBITDAR) for the three months to September 30 decreased by 17.2 percent year-on-year, to just under US$255.3 million. The company said in a separate presentation that daily operational expenses for the Macau operation during the third quarter reached US$2.89 million, up 5.0 percent year-on-year. It also confirmed that construction of The Enclave at Wynn Palace – a 432-key, all-suite hotel tower to be built adjacent to Wynn Palace’s eastern entrance – had commenced during the third quarter. The project has an “anticipated construction timeline of 2.5 years, with an estimated opening in 2029”, according to the presentation. On an earnings call discussing the third-quarter results, company management confirmed that the previously announced The Theatre and Event Center projects at Wynn Palace remain on track to open in 2028. The group expects full-year 2027 capital expenditure in Macau to be in the range of US$750 million to US$800 million, compared with a forecast US$350 million to US$400 million for the current year. Craig Billings, chief executive of Wynn Resorts, said in Thursday’s announcement that the Macau properties had seen “healthy demand amid slower market conditions” during the third quarter. Mr Billings added that the team at Wynn Al Marjan Island, a US$5.7-billion casino resort in Ras Al Khaimah, the United Arab Emirates (UAE) – in which Wynn Resorts has a 40-percent equity stake – had “made substantial progress with ongoing finishing works occurring throughout the property, including the interior fit-out of all guest rooms”. He reaffirmed the planned September 2027 opening date for the property. During the third quarter, Wynn Resorts contributed US$62.2 million in cash to the joint venture constructing the UAE project, bringing its total cash contributions to Wynn Al Marjan Island to US$1.12 billion, the firm said. As of September 2026, Wynn Al Marjan Island had hired 442 staff members, mostly senior-level executives, senior managers and personnel in general and administrative functions, it added. The entire Wynn Resorts group – which also includes properties in Las Vegas and Boston in the United States – reported operating revenues of US$1.69 billion for the third quarter of 2026, down 7.7 percent year-on-year. Net income was US$17.3 million, a sharp decline of 80.4 percent from the US$88.3 million reported a year earlier. Also on Thursday, Wynn Resorts declared a cash dividend of US$0.25 per share, payable on November 30. Macau properties Operating revenues at Wynn Palace were US$583.8 million for the three months to September 30, down from US$635.5 million in the third quarter of 2025. Third-quarter adjusted property EBITDAR at Wynn Palace were US$165.8 million, versus US$200.3 million in the prior-year quarter. The table games win percentage in mass market operations at the property was 25.8 percent, above the 22.6 percent recorded in the third quarter of 2025. Wynn Palace’s VIP table games win as a percentage of turnover was 3.82 percent, above the property’s expected range of 3.1 percent to 3.4 percent, but below the 4.68 percent recorded in the third quarter of 2025. The Wynn Macau property’s third-quarter operating revenues were US$335.4 million, down 8.2 percent from a year earlier. That downtown operation’s adjusted property EBITDAR for the three months to September 30 were US$89.5 million, down 17.1 percent year-on-year. The Wynn Macau property’s table games win percentage in mass market operations was 17.1 percent, below the 18.7 percent recorded in the third quarter of 2025. The venue’s VIP table games win as a percentage of turnover was 4.88 percent, “above the property’s expected range of 3.1 percent to 3.4 percent” and above the 2.93 percent recorded in the prior-year quarter. The entire Wynn group’s current and long-term debt outstanding as of September 30 amounted to US$10.73 billion, including US$5.77 billion in Macau-related debt.