Wynn Macau income falls as Enclave construction begins

Wynn Macau Ltd’s third-quarter operating income declined 39.2 percent year-on-year to just below USD108.3 million, according to parent Wynn Resorts’ results reported by GGRAsia.

For the three months to 30 September 2026, the Macau unit’s adjusted property EBITDAR decreased 17.2 percent year-on-year to just under USD255.3 million.

Daily operational expenses for the Macau operation reached USD2.89 million during the third quarter, up 5.0 percent year-on-year, according to a separate company presentation.

Construction began during the quarter on The Enclave, a 432-key, all-suite hotel tower planned adjacent to Wynn Palace’s eastern entrance in Macau’s Cotai district.

The presentation gives an anticipated construction timeline of 2.5 years and an estimated opening in 2029, while management confirmed the previously announced entertainment projects’ timetable.

The Theatre and Event Centre at Wynn Palace remain on track for 2028, management said during the earnings call discussing the third-quarter results.

Wynn expects Macau capital expenditure of USD750 million to USD800 million in 2027, compared with its forecast of USD350 million to USD400 million for 2026.

With operating expenses rising while EBITDAR fell, acquisition and retention proposals need to demonstrate contribution after servicing costs, rather than rely on revenue targets alone.