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Mar 31
Wynn Resorts Q1 2025 Earnings Report
Wynn Resorts reported lower year-over-year results for Q1 2025 amid challenging comps and VIP hold impact in Macau.
Key Takeaways
Wynn Resorts saw decreased revenue and net income in Q1 2025, driven by lower performance in Macau and slightly softer results in Las Vegas. The company continued capital returns and advanced construction of its UAE project.
Operating revenue declined to $1.70B from $1.86B year-over-year.
Macau VIP hold was significantly below expectations, pressuring results.
Construction at Wynn Al Marjan Island in the UAE reached the 47th floor.
The company repurchased $200M in stock and declared a $0.25 dividend.
Wynn Resorts
Wynn Resorts
Wynn Resorts Revenue by Segment
Wynn Resorts Revenue by Geographic Location
Revenue by Segment
Casino Revenue
CapyFin.comRooms Revenue
CapyFin.comFood & Beverage Revenue
CapyFin.comEntertainment & Other Revenue
CapyFin.comWynn Palace Revenue
CapyFin.comWynn Macau Revenue
CapyFin.comLas Vegas Ops Revenue
CapyFin.comEncore Boston Harbor Revenue
CapyFin.comRevenue by Geographic Location
Macau Revenue
CapyFin.comLas Vegas Revenue
CapyFin.comBoston Revenue
CapyFin.com Forward Guidance
Wynn continues to focus on shareholder returns, international expansion, and maintaining market share despite headwinds in Macau.
Positive Outlook
- Strong cash position of over $2B.
- Ongoing shareholder returns through dividends and buybacks.
- Advancing UAE project with steady construction progress.
- Las Vegas maintaining profitability against a tough comp.
- Increased dividend from Wynn Macau reflects strong cash generation.
Challenges Ahead
- Significant decline in Macau VIP table win percentage.
- Overall decrease in revenue and EBITDAR year-over-year.
- Lower adjusted EPS and net income vs. Q1 2024.
- Las Vegas and Boston operations showed slight revenue drops.
- Global macroeconomic uncertainty and travel-related risks remain.
Revenue & Expenses
Visualization of income flow from segment revenue to net income