Buoyed by strong results from its Las Vegas properties, Wynn Resorts Ltd. reported on Thursday that it almost doubled net profit in the first quarter of 2026.
The Las Vegas-based luxury resort company also warned that the Middle East war could result in a “modest delay” in the opening of its 40 percent-owned $5.1 billion Wynn al Marjan Island project in the United Arab Emirates, due to supply line disruptions.
Wynn CEO Craig Billings said he still expects a 2027 opening of the 1,542-room resort.
“We expect a modest delay in our opening timeline, and I expect we will quantify that in the coming months,” Billings said in a conference call with investors. “Having said that, the project continues to move forward every day. Looking ahead, the UAE has world-class tourism infrastructure, unrivaled airport capacity and a strong policy framework.”
Construction on the project was briefly halted at the height of Iranian attacks on the UAE in March, but work has now resumed.
“As the region stabilizes, we expect the country will find smart ways to accelerate tourism and, in the longer term, will continue to be one of the most attractive destinations in the world for high-net-worth residents and visitors,” Billings said.
It was wealthy visitors who gave Wynn and Encore Las Vegas a boost that resulted in the best March in the properties’ history.
The company’s Las Vegas operations saw a 5.9 percent increase in operating income over the first quarter of 2025 to $661.9 million, including a 10.7 percent increase in casino revenue.
Table game winnings increased by 19.7 percent, offsetting a 2.4 percent decrease in slot machine winnings. The average daily room rate for Las Vegas properties rose 12.3 percent to $592 per night, offsetting a slight decline in occupancy rates.
The debut of the Zero Bond social club and Sartiano’s Italian Steakhouse were highlights that drew people to the Las Vegas property, Billings said.
The strong showing continues a pattern of high-end Las Vegas properties thriving while reasonably priced resorts struggle for footfall.
Billings said room renovations are on the horizon for the local property.
“We will begin renovations to the Encore Tower in just a few weeks, a project that will ensure our rooms continue to set the standard in Las Vegas,” Billings told investors.
The quarter ended March 31 also saw strong results at Wynn’s Macau properties, offsetting weakness at Encore Boston Harbor. In Macau, the company is investing $900 million to build a 432-suite hotel tower to be named The Enclave at Wynn Palace, which will increase the room capacity of the company’s flagship luxury offering by 25 percent.
Wynn’s board also announced Thursday that it will pay a cash dividend of 25 cents per share, payable on May 29 to shareholders of record on May 18.
The company also repurchased $54 million in shares during the quarter.
For the quarter, the company reported $120.5 million in net income, $1.04 per share, on revenue of $1.857 billion. That compares with net income of $72.7 million, 69 cents per share, on revenue of $1.7 billion for the same period a year ago.
Wynn stock, which trades on the Nasdaq, closed down 72 cents a share, or 0.7 percent, at $106.85 a share on below-average daily volume.
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