Wynn Reveals Las Vegas Record in Adjusted Profit Figures
Wynn Resorts Reports Second-Quarter Results: Mixed Results Across Properties
Wynn Resorts, the global casino and hospitality giant, has released its financial results for the second quarter of 2025. The company reported a mixed performance across its properties, with some showing growth and others experiencing a decline compared to the same quarter in 2024.
In Macau, Wynn Resorts continues to benefit from the robust recovery post-COVID-19 restrictions. The company's casinos remain its largest revenue contributor, with both VIP and mass-market gaming segments showing improvement. Operating revenue from Wynn Macau increased to $343.8 million, up from $337.3 million in the same quarter last year. However, adjusted property EBITDAR decreased slightly to $96.5 million from $95.9 million in the second quarter of 2024.
At Wynn Palace, operating revenue decreased to $539.6 million, down from $548 million in the same quarter last year. The table games win percentage in mass market operations also dropped to 22.3%, compared to 23.6% in the second quarter of 2024. VIP table games win as a percentage of turnover was 2.9%, below the property's expected range of 3.1%-3.4%.
In contrast, Wynn Resorts reported a record for property-level adjusted earnings for its Las Vegas resorts in the second quarter of 2025. Operating revenue from Las Vegas increased to $638.6 million, up from $628.7 million in the same quarter last year. Adjusted property EBITDAR for Las Vegas was $234.8 million, a slight increase from $230.3 million for the same quarter in 2024.
Encore Boston Harbor, the company's Massachusetts property, reported operating revenue of $215.7 million for the second quarter, an increase from $212.6 million for the same quarter in 2024. The table games win percentage was within the property's expected range of 18%-22% and above the 19.6% in the same quarter last year, at 21.3%.
Companywide operating revenues for Wynn Resorts were $1.74 billion in the second quarter of 2025, an increase of $4.9 million from $1.73 billion in the second quarter of 2024. Adjusted property EBITDAR decreased at Wynn Palace and increased at its Las Vegas operations, Encore Boston Harbor, and Wynn Macau in the second quarter of 2025, compared to the same quarter in 2024.
Net income was $66.2 million for the second quarter, a decrease from $111.9 million for the same quarter in 2024. However, Wynn Resorts continued to focus on the return of capital to shareholders through both a cash dividend and $158 million of stock repurchases during the quarter.
Looking ahead, Wynn Al Marjan Island, the company's upcoming project in the UAE, is currently expected to open in 2027. Craig Billings, CEO of Wynn Resorts, stated that the second-quarter results showed continued strength across the business and a new second-quarter record for adjusted property EBITDAR in Las Vegas.
In conclusion, Wynn Resorts continues to navigate the global gaming market with a mixed performance across its properties. While some properties, such as Las Vegas and Encore Boston Harbor, show growth, others, like Wynn Palace, experience a decline. Despite this, Wynn Resorts remains optimistic about its future, with the ongoing development of Wynn Al Marjan Island and the continued focus on returning capital to shareholders.
The financial reports of Wynn Resorts reveal a varying performance across its properties for the second quarter of 2025, with some properties like Las Vegas and Encore Boston Harbor demonstrating growth, while others, such as Wynn Palace, encounter a decline. Additionally, Wynn Resorts is expanding its business into the casino-and-gambling industry in Las Vegas, perhaps marking a strategic move to enhance its overall business operations.
