Wynn Resorts delivered another strong quarter in Macau, with its subsidiary Wynn Macau Ltd reporting total operating revenues of US$989 million in 1Q26 — up 14.2% year-on-year and 2.2% higher sequentially versus the December 2025 quarter.

The results reinforce a trend that is becoming increasingly clear across Macau:
premium-focused operators with strong luxury positioning continue to outperform as the market evolves beyond traditional VIP dependency.

The company also reported:

• Adjusted EBITDA of US$279 million, up 10.7% year-on-year
• Operating income of US$145 million versus US$127 million a year earlier
• Strong free cash flow generation
• Continued premium demand momentum across its Macau portfolio

Wynn Palace Continues to Drive Growth

The standout performer was once again Wynn Palace.

The Cotai integrated resort recorded:

• Operating revenues of US$659.4 million, up 23.0%
• Casino revenues of US$564.9 million, up 27.1%
• Adjusted Property EBITDA of US$203.8 million, up 25.9%

What is particularly notable is that growth was supported by both higher volumes and improved gaming hold.

VIP table games win climbed 28.4% year-on-year to US$134.2 million, while mass gaming win rose 24.0% to US$523.8 million. Slot machine win also increased 20.8% to US$35.5 million.

These are very healthy numbers and further validate Wynn’s premium luxury strategy in Cotai.

The strong performance also explains why Wynn recently announced plans for The Enclave, a new 432-key all-suite luxury hotel tower adjacent to Wynn Palace. With the property already operating at over 99% hotel occupancy during the quarter, Wynn is effectively expanding to meet demand that already exists.

Wynn Macau Hit by Severe VIP Hold Weakness

The story was very different at Wynn Macau.

While operating revenues remained relatively stable at US$329.9 million, profitability came under pressure due to exceptionally weak VIP hold.

VIP turnover at the peninsula property fell 59.2% to US$585.9 million, while VIP win collapsed 85.5% to just US$2.3 million after hold dropped to an unusually low 0.39%.

To put that into perspective, VIP hold in Macau can fluctuate quarter to quarter due to the volatility associated with high-value players, but 0.39% is extraordinarily low.

Despite this, Wynn Macau still demonstrated resilience in other segments:

• Mass table drop increased 23.4% to US$1.90 billion
• Slot machine win jumped 48.6% to US$36.2 million

Interestingly, mass gaming win remained essentially flat despite stronger volumes because hold rates again came in lower than expected.

The Bigger Story: Macau Is Less Dependent on VIP Volatility

Personally, I think Wynn’s results highlight one of the most important structural shifts happening in Macau today.

A few years ago, a VIP hold quarter like this could have severely damaged overall group performance.

Today, Wynn still managed to deliver:

• Double-digit revenue growth
• Strong EBITDA performance
• Significant profit expansion
• Healthy cash flow generation

Why?

Because Macau’s business model is evolving.

The industry is increasingly driven by:

• Premium mass customers
• Luxury tourism
• Non-gaming spending
• Hospitality monetization
• Integrated resort experiences

This diversification reduces dependency on old-style junket-driven VIP business.

In many ways, Wynn Palace’s strong performance may actually be a better indicator of Macau’s future than the temporary VIP weakness seen at the peninsula property.

Wynn’s Luxury Positioning Continues to Pay Off

Wynn has long differentiated itself through luxury hospitality, premium suites and high-end customer experiences.

That strategy appears increasingly well aligned with the post-pandemic Macau environment, where affluent travelers are prioritizing:

• Exclusive experiences
• Premium accommodation
• Personalized service
• Integrated entertainment and lifestyle offerings

The company’s latest move to add The Enclave all-suite tower further strengthens this positioning.

Importantly, Wynn’s expansion is not speculative.
It is demand-driven.

As CEO Craig Billings noted:

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

He also highlighted:

• Healthy Macau market share
• Strong free cash flow generation
• Increased dividends from Wynn Macau Ltd
• Continued growth momentum in Las Vegas

Final Thoughts

Wynn Macau’s 1Q26 performance demonstrates both the opportunities and evolving realities of Macau’s recovery phase.

Yes, VIP volatility still exists.
But it matters less than before.

What increasingly matters now is:

• Premium customer quality
• Luxury positioning
• Hotel occupancy
• Customer spending depth
• Integrated resort monetization

And on those fronts, Wynn continues to perform strongly.

The combination of:

• Near-full hotel occupancy
• Expanding premium infrastructure
• Strong mass-market momentum
• Healthy profitability

suggests Wynn remains one of the best-positioned operators in Macau’s next chapter of growth.