Wynn Macau Ltd 3Q26 Revenues Drop 8.2 Percent to US$919 Million on VIP Segment Contraction
Wynn Macau Ltd reported 8.2% lower Q3 operating revenues of US$919 million, led by VIP turnover declines of 14.3% at Wynn Palace and 53.9% at Wynn Macau. Adjusted Property EBITDA fell 17.2% to US$255 million on higher opex. Billings noted a mixed quarter with soft September trends but stressed long-term fundamentals.
SCCG Take — VIP volatility remains the binding earnings constraint for Macau licensees, underscoring the need for mass and non-gaming revenue diversification to buffer segment-specific shocks.
Wynn Resorts reported total operating revenues from its Macau operations fell 8.2 percent year-on-year to US$919 million in the three months ended 30 September 2026. The results cover Wynn Palace and Wynn Macau under Hong Kong-listed subsidiary Wynn Macau Ltd. All gaming segments posted year-on-year declines, with VIP volumes recording the steepest drops in line with market-wide pressure.
Adjusted Property EBITDA decreased 17.2 percent from the prior year and 14.1 percent sequentially to US$255 million. Daily operating expenses rose 5.9 percent, amplifying the margin impact from lower gaming wins.
Property Breakdown
Wynn Palace generated total operating revenues of US$583.7 million, an 8.1 percent decline. Casino revenues fell 8.6 percent to US$495.8 million. VIP turnover contracted 14.3 percent to US$2.79 billion at a 3.82 percent win rate, producing a 29.9 percent drop in VIP win to US$106.9 million. Mass table drop declined 12.9 percent to US$1.79 billion, yet mass win held near flat at US$462.7 million. Slot win totaled US$29.7 million, down 1.9 percent on flat handle.
At Wynn Macau, total operating revenues declined 8.2 percent to US$335.4 million. Casino revenues decreased 9.0 percent to US$286.1 million and Adjusted EBITDA fell 17.1 percent to US$89.5 million. VIP turnover plunged 53.9 percent to US$470.4 million, with VIP win down 23.2 percent to US$22.9 million. Mass table drop was essentially flat at US$1.62 billion while mass win slipped 9.1 percent to US$278.0 million. Slot win rose 13.7 percent to US$29.1 million.
Wynn Resorts CEO Craig Billings described the quarter as mixed, citing a soft September. Billings stated the operator prefers to focus on long-term fundamentals rather than monthly fluctuations. He noted October Golden Week metrics aligned with the prior year before volumes eased later in the month. Group-wide revenues totaled US$1.69 billion, down 7.9 percent, with net income attributable to Wynn Resorts at US$17.3 million versus US$88.3 million in the prior-year period.
According to Inside Asian Gaming, these outcomes reflect sustained VIP headwinds across Macau.
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