Why is Wynn Resorts stock sliding today?

Investing.com · 2026-11-06 13:45 UTC

Why is Wynn Resorts stock sliding today?

Investing.com -- Wynn Resorts stock is sliding 1.2% in pre-open trading after the luxury casino operator reported third-quarter 2026 results that fell well short of Wall Street’s expectations, with adjusted earnings per share of $0.33 coming in sharply below the consensus estimate of approximately $0.72, and revenue of $1.69 billion missing the roughly $1.78 billion forecast — a year-over-year decline of nearly 8%. The shortfall was broad-based, with operating revenues falling at every property: Wynn Palace, Las Vegas Operations, Wynn Macau, and Encore Boston Harbor all posted declines compared to the same period a year ago.

Several operational headwinds converged to weigh on the quarter. In Las Vegas, the table games win percentage came in at 18.9%, well below the property’s expected range of 22% to 26%, costing the company nearly $24 million in EBITDA. A labor strike at Encore Boston Harbor throughout September added further disruption, while Macau VIP turnover at Wynn Macau dropped sharply year-over-year, pressuring margins across both Macau properties. In response to the results, Goldman Sachs lowered its price target on the stock to $93 while maintaining a Buy rating, and Stifel trimmed its target to $110 from $120, also keeping a Buy, noting that the Q3 results were underwhelming even after adjusting for hold but flagging October’s sequential recovery as the most important takeaway.

The pre-market softness in WYNN comes against a backdrop of broader market stabilization following a historic Thursday session that saw the Nasdaq Composite plunge roughly 5.5% and the S&P 500 shed more than 4%, driven by a sharp AI-related tech selloff. On today’s session, the S&P 500 is edging up modestly while the Nasdaq is recovering, but the Dow remains under pressure. Investors are also monitoring an upcoming October CPI release and October jobs data, with the Federal Reserve having held rates steady at its most recent meeting after hiking in September for the first time in three years.

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