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Sentiment · FY2026 Q2
On July 21, 2026, the Macau Government published an amended and restated land concession contract accepted by Wynn Resorts subsidiaries Palo Real Estate and Wynn Macau. It permits expansion of Wynn Palace with a new five-star hotel, a theater and an event and entertainment center, to be completed within 60 months. Wynn will pay an approximately $80.8 million (MOP652.3 million) one-time land premium plus higher annual rent totaling roughly $1.2 million.
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.84B | -0.1% | $2.36 | -62.9% | 20.0% | 15.1% | $352M |
| FY2025 Q1 | $1.70B | -8.7% | $0.69 | -46.9% | 15.8% | 4.3% | $-26M |
| FY2025 Q2 | $1.74B | +0.3% | $0.64 | -29.7% | 15.2% | 3.8% | $240M |
| FY2025 Q3 | $1.83B | +8.3% | $0.85 | +393.1% | 16.9% | 4.8% | $172M |
| FY2025 Q4 | $1.87B | +1.5% | $0.96 | -59.3% | 15.5% | 5.4% | $307M |
| FY2026 Q1 | $1.86B | +9.2% | $1.04 | +50.7% | 15.9% | 6.5% | $-26M |
| FY2026 Q2 | $1.86B | +6.9% | $1.32 | +106.3% | 16.1% | 7.5% | $26M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Brandt Montour | Barclays | 12 (8%) |
| Stephen Grambling | Morgan Stanley | 12 (8%) |
| Dan Politzer | JPMorgan | 12 (8%) |
| John DeCree | CBRE | 12 (0%) |
| Chad Beynon | Macquarie | 11 (0%) |
| Robin Farley | UBS | 11 (0%) |
| Steve Wieczynski | Stifel | 11 (18%) |
| Shaun Kelley | Bank of America | 10 (10%) |
| Dave Katz | Jefferies | 10 (0%) |
| Lizzie Dove | Goldman Sachs | 8 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| CBRE | 1 | 12 (0%) |
| Morgan Stanley | 1 | 12 (8%) |
| Barclays | 1 | 12 (8%) |
| JPMorgan | 1 |
| Deutsche Bank | 2 | 11 (0%) |
| UBS | 1 | 11 (0%) |
| Macquarie | 1 | 11 (0%) |
| Stifel | 1 | 11 (18%) |
Wynn delivered Q1 with Las Vegas posting its best March ever with RevPAR up 10%, while Macau mass drop surged 19% with the Chairman's Club delivering early results. The Enclave at Wynn Palace was announced as a $900-$950M suite tower, and Zero Bond and Sartiano's opened to strong reception on the Las Vegas Strip. Share buybacks resumed after the Q3 pause and new CFO Craig Fullalove took over, while Wynn Al Marjan expected a modest delay from regional conflict.
Demand | Geographic Expansion | Capex Investment | Competitive Dynamics | Revenue Growth | Margin | Macroeconomic | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 8 | 5 | 6 | 4 | 5 | 2 | 1 | 1 |
| 2025Q1 | 5 | 4 | 5 | 3 | 1 | 2 | 2 | |
| 2025Q2 | 8 | 5 | 2 | 4 | 3 | 2 | 2 | |
| 2025Q3 | 10 | 5 | 1 | 5 | 4 | 3 | 2 | 2 |
| 2025Q4 | 10 | 5 | 3 | 5 | 6 | 6 | ||
| 2026Q1 | 7 | 10 | 9 | 4 | 3 | 3 | 8 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 8 | 5 | 8 | 10 | 10 | 7 |
| Geographic Expansion | 5 | 4 | 5 | 5 | 5 | 10 |
| Capex Investment | 6 | 5 | 2 | 1 | 3 | 9 |
| Competitive Dynamics | 4 | 3 | 4 | 5 | 5 | 4 |
| Revenue Growth | 5 | 1 | 3 | 4 | 6 | 3 |
| Margin | 2 | 2 | 2 | 3 | 6 | 3 |
| Macroeconomic | 1 | 2 | 8 | |||
| Pricing | 1 | 2 | 2 | 2 | 2 |
What WYNN and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“having a very close relationship with both MGM and Wynn, one could argue 2 of the best operators in the space should yield more transactions for us.”
Wynn operates the Boston gaming asset Realty Income owns; management calls it one of the best operators, a positive read-through on Wynn.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
WYNN Wynn Resorts | 7 | +9.2% | |
| DKNG DraftKings Inc. | 9 | +16.8% | |
| LVS Las Vegas Sands | 9 | +25.3% | |
| MGM MGM Resorts | 5 | +4.2% |