Wynn Resorts reported a decline in revenue from its Las Vegas operations during the third quarter of 2026, with company CEO Craig Billings pointing to a seasonal slowdown in major events and tourism demand drivers as contributing factors.

The company's Las Vegas operations generated $575.2 million in operating revenue for the three months ended September 30, down $45.8 million, or 7.4%, from $621 million during the same period last year. Adjusted property earnings before interest, taxes, depreciation, amortization and rent (EBITDAR) also declined, falling 21.9% to $158.8 million from $203.4 million.

Speaking during the company's third-quarter earnings call, Billings described the summer as a period with fewer major events and corporate gatherings capable of driving hotel occupancy, room rates and casino activity. He pointed to the addition of major attractions and events over the past decade, including the Las Vegas Raiders, Sphere, Formula 1 and the expanded and renovated convention center, as increasingly important drivers of the city's tourism economy.

Billings said the summer months have comparatively fewer of those demand drivers, while quarters with several major events can produce stronger room rates, occupancy and gaming revenue. He described the company's Las Vegas performance as healthy overall, noting that its hotel revenue indicators remained positive despite the weaker quarterly results.

Casino operations accounted for much of the decline. Casino revenue from the Las Vegas properties fell 23.6% to approximately $123.4 million, down $38.2 million from the same quarter in 2025. The property's table-games win percentage was 18.9%, below its expected range of 22% to 26% and down from 23% a year earlier. Billings said unfavorable gaming results reduced adjusted property earnings by nearly $24 million during the quarter.

Hotel performance presented a different picture. Average daily room rates increased 3.4% to $522, while revenue per available room (RevPAR) rose 3.2% to $447. Occupancy was relatively unchanged at 85.5%, compared with 85.7% during the third quarter of 2025. Room revenue nevertheless declined 2.6%, partly reflecting fewer available rooms during ongoing renovations.

Billings also pointed to stronger indicators in October, saying casino drop, average daily room rates, RevPAR and retail tenant sales were all higher year over year. He said the remainder of the fourth quarter was looking healthy, with several major events contributing to demand.

Formula 1's Las Vegas Grand Prix, scheduled for November 21, was among the events highlighted by management. Billings said room rates and occupancy for race weekend were pacing ahead of the previous year's event, with strong demand for both tickets and hotel rooms. The company also reported that its 2027 group and convention business was pacing ahead of the comparable booking position for 2026 and 2025.

The results come amid broader changes in Las Vegas tourism demand, with major sporting events, entertainment attractions and conventions playing an increasingly significant role in the city's hospitality market.