Gaming & Lodging: WYNN/RRR 2Q First Take: Clean prints, expect Wynn UAE opening timing to act as positive catalyst

Research evidence excerpt

M

Update

August 5, 2026 04:01 AM GMT

Gaming & Lodging | North America

Morgan Stanley & Co. LLC

Stephen W Grambling

Equity Analyst

WYNN/RRR 2Q First Take:

Clean prints, expect Wynn UAE

opening timing to act as positive

catalyst

Morgan Stanley Asia Limited+

Praveen K Choudhary

Equity Analyst

Morgan Stanley & Co. LLC

Nicholas P DeValeria

Equity Analyst

Molly Baum

Equity Analyst

WYNN/RRR both reported 2Q beats after close. WYNN release

included better than feared Vegas results, upside in Macau, and

Sept '27 UAE opening date. Mgmt also talked to improving

demand trends in late July/August to-date in Vegas/Macau. RRR

saw stable core casino trends w/lower disruption from renos.

James F Koehne, CFA

Research Associate

Gaming & Lodging

North America

Industry View

In-Line

What Happened / Implications: Both WYNN and RRR reported 2Q results post

market close, with consolidated EBITDAR +8% and -5% (LV Locals only) yoy,

respectively. WYNN was a modest EBITDAR beat (~2% vs. MSe) as solid Macau

trends and better than feared Vegas results offset some incremental cost pressure

in the quarter while also announcing a new opening date for the UAE (Sept '27).

Separately, RRR was another solid print, beating expectations as healthy visitation

throughout the quarter offset casino NGR headwinds (Casino NGR -1% y/y) and

more modest renovation disruptions than expected at several properties (GVR,

Durango, Sunset) – all on track for completion over the next year. For WYNN, we

expect a positive reaction tomorrow given the resetting of expectations/timing for

the UAE launch along with better top-line trends in its two core markets (Vegas,

Macau). For RRR, we expect a fairly muted reaction given the decent beat but

largely unchanged forward outlook and more limited color on future development.

Company-specific takeaways:

WYNN – UAE line in the sand on opening albeit with some incremental costs the

big reveal: Consolidated revenues of $1,857m (+6% yoy) came in above cons/MSe

forecast of $1,831m on better results in Macau (stellar mass hold offset weak VIP

hold) and better than expected top-line trends in Vegas (despite a choppy 2H of

June).…