Wynn Ends Encore Boston Harbor Strike as Q3 Revenues Slip

More than 1,000 Wynn Resorts workers walked off the job at Encore Boston Harbor in the third quarter — and on the same day Wynn posted year-over-year declines in operating revenues and adjusted property EBITDAR, the company announced it had a deal to end the standoff. Unite Here Local 26 and Teamsters Local 25 ratified a new collective bargaining agreement with the resort that Thursday evening, per a release shared with Hotel Dive. Terms were undisclosed.

The strike by more than 1,300 workers, which stretched from Q3 into November, "proved to be a modest headwind" for the company, CEO Craig Billings said on the earnings call. He confirmed Wynn had reached a "framework for resolution with union leadership," with a ratification vote scheduled for later that same Thursday — a vote that passed.

The union struck a conciliatory tone in announcing the deal. The agreement "recognizes the important contributions of union employees and reflects a shared commitment to the people who make the resort such a special place," Unite Here Local 26 said in the release. "We are excited to return to work, move forward together, and begin a new chapter at Encore Boston Harbor."

What held up the quarter?

In Las Vegas, operating revenues and adjusted property EBITDAR also fell year over year in Q3, part of what Billings called a "complicated quarter with more headwinds than tailwinds." Even so, Wynn Las Vegas "saw healthy demand amid slower market conditions," he said in the report.

The pricing data backs that up. RevPAR and average daily rate both rose 3% year over year in Las Vegas during the quarter, and those gains continued into October. "The high-end consumer remains healthy," Billings said.

The quarter "demonstrated strong operational discipline from the teams in each of our regions," he added, framing the results around cost control rather than top-line growth.

What does Q4 look like?

Billings pointed to three demand drivers for Las Vegas in the fourth quarter: Formula 1, a robust convention calendar, and the NFL season. "F1 weekend is pacing ahead of last year in rate and occupancy, with demand for tickets and rooms still very high," he said.

Beyond this quarter, the forward book strengthens. "Our group and convention business for 2027 has both room nights and rate pacing ahead of where 2026 and 2025 stood at this point," Billings said, meaning Wynn has locked in more group business, at higher rates, than it had at the same point in either of the last two years.

Wynn wasn't alone

The Q3 softness in Las Vegas ran across the major gaming operators. MGM Resorts International and Caesars Entertainment both reported decreased revenues and adjusted EBITDA in their Las Vegas segments for the quarter.

Corporate developments compounded the sector noise. MGM announced it amended its existing Voting Agreement with People Inc., following People's failed takeover attempt. Caesars skipped its Q3 earnings call entirely, citing its pending acquisition by Fertitta Entertainment.

With the Boston labor dispute settled, ratification secured and Vegas demand pacing ahead on rate and occupancy, Wynn enters the fourth quarter with its two biggest Q3 headwinds — a strike and a soft Vegas market — at least partially behind it.