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Jun 30
Wynn Resorts Q2 2025 Earnings Report
Wynn Resorts reported Q2 2025 results with slight revenue growth, record Las Vegas EBITDAR, but lower net income due to Macau VIP hold impact.
Key Takeaways
Wynn Resorts posted $1.74B in revenue for Q2 2025, with EPS of $0.64 and Adjusted Property EBITDAR of $552.4M. Las Vegas achieved a record second-quarter EBITDAR, while Macau performance was pressured by VIP hold variance.
Q2 2025 revenue reached $1.74B, up slightly from last year.
Net income attributable to Wynn Resorts was $66.2M with diluted EPS of $0.64.
Adjusted Property EBITDAR was $552.4M, down from $571.7M a year earlier.
Board declared a $0.25 per share dividend; repurchased ~2.0M shares for $158.1M.
Wynn Resorts
Wynn Resorts
Wynn Resorts Revenue by Segment
Wynn Resorts Revenue by Geographic Location
Revenue by Segment
Wynn 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 Resorts expects continued strength in Las Vegas, stable Macau market share, and progress on Wynn Al Marjan Island for a 2027 opening, with sustained shareholder returns.
Positive Outlook
- Las Vegas set a record for Q2 Adjusted Property EBITDAR.
- Macau maintained healthy market share despite VIP hold impact.
- Construction of Wynn Al Marjan Island reached the 61st floor; opening in 2027.
- Strong liquidity position with $1.98B in cash and increased revolver capacity.
- Ongoing shareholder returns through dividends and buybacks.
Challenges Ahead
- VIP hold variance negatively affected Macau earnings.
- Lower mass table win percentage at Wynn Palace.
- Las Vegas table games win percentage slightly below expected range.
- Decline in net income and Adjusted Property EBITDAR year-over-year.
- Ongoing exposure to macroeconomic, regulatory, and project development risks.