Wynn Reaffirms Confidence Despite Delayed UAE Project Opening

Wynn Resorts expects a short delay to the opening of its Wynn Al Marjan Island project in the United Arab Emirates, according to CEO Craig Billings. However, he remains confident in the market’s prospects after a successful Q1.

The update follows reports of regional conflict disrupting construction timelines. Billings confirmed that while work continues, logistical and supply chain issues have affected progress.

“Construction has continued to progress with over 22,000 workers on site,” he said. “While we have faced logistical and shipping challenges in the region, deliveries have largely continued, and we are rerouting shipments and sourcing alternative materials where needed.

“Based on conditions today, these challenges are manageable, though we are realistic that the picture could shift as the situation evolves. We do expect a modest delay in our opening timeline, and I expect that we will quantify that in the coming months. That said, the project continues to move forward every day.”

Macau remains core revenue driver as Las Vegas records steady growth

Wynn generated group revenue of $1.86 billion for the three months ending 31 March, representing a 9.4% increase year-on-year. Adjusted EBITDAR rose 5.5%, while net profit also improved. 

Macau remained the company’s primary revenue source, with Wynn Palace generating $659.3 million in revenue, up 23.0% from the previous year. However, Wynn Macau reported flat performance, stagnating at $329.9 million. 

In the United States,revenue from Las Vegas rose by 5.9% to $661.9 million. Encore Boston Harbor recorded a slight decline, with revenue falling to $205.7 million during Q1. Casino activity dominated the revenue across Wynn’s operations, reaching $1.18 billion, up 13.2% year-on-year. 

Rooms revenue increased 5.8% to $290.4 million, while food and beverage revenue rose 3.6% to $259.0 million. Revenue from entertainment, retail, and other sources declined 4.1% to $130.1 million.

Profit rises sharply despite higher operating costs

Operating expenses increased 9.9% to $1.57 billion, with casino accounting for the largest share at $732.7 million. Despite higher costs, revenue growth supported an increase in operating profit by 5.2% to $282.6 million.

After accounting for $121.9 million in additional costs, pre-tax profit reached $160.7 million, up 73.9% year-on-year. Wynn paid $10.1 million in taxes, resulting in net profit increase of 84.9% to $150.5 million.

The company also reported $30.1 million in income from non-controlling interests. After deducting this, bottom-line net profit stood at $120.5 million, up 65.8% compared to the previous year.

“Our first quarter results reflect the strength of Wynn’s business across all of our markets,” Billings added.

In lieu of current regional conflicts, the opening of the Wynn Al Marjan Island project has been postponed to a future date. But Wynn Resorts remains confident that the delay will not affect its plans for the UAE market. After enjoying a profitable first quarter across its operations, launching this venue will be another significant milestone in 2026.