Record-breaking Adjusted Earnings recorded in Las Vegas, according to Wynn reporting
In the bustling world of international gaming, Wynn Resorts has shared its financial results for the first half of 2025, revealing a mix of successes and challenges across its various properties.
The company's Las Vegas resorts shone brightly, reporting a record for property-level adjusted earnings in the second quarter of 2025. This achievement was underpinned by companywide operating revenues of $1.74 billion for the quarter, a slight increase of $4.9 million from the same period in 2024.
However, the story was different in Macau and Massachusetts. Wynn Resorts' earnings from commercial casinos in Macau (including Wynn Palace), Massachusetts (Encore Boston Harbor), and Nevada (Las Vegas operations) showed a varied performance compared to the same period in 2024.
Macau operations, including Wynn Palace, experienced a notable decline, with total operating revenues decreasing by 7.1% year-over-year to $1.75 billion. The decrease was mainly due to lower VIP and mass market table game casino revenues. Wynn Palace saw a decrease of 5.2%, while Wynn Macau saw a more significant drop of 10.0%.
In Massachusetts, revenues decreased by 1.3% to $424.9 million in the first half of 2025 versus 2024. Meanwhile, Las Vegas operations remained relatively flat, with revenues nearly flat, showing a slight decrease of 0.1% compared to the previous year, totaling about $1.26 billion.
Despite these declines, Wynn Resorts reported total operating revenues of $3.44 billion for the six months ended June 30, 2025, down 4.4% from $3.60 billion a year earlier. Craig Billings, CEO of Wynn Resorts, stated that they generated healthy market share and significant free cash flow in Macau, despite VIP hold negatively impacting results.
Looking ahead, Wynn Resorts continues to focus on the return of capital to shareholders. This was evident in the second quarter, with Wynn contributing $58.2 million of cash to the joint venture constructing Wynn Al Marjan Island, bringing the life-to-date cash contributions to $741.1 million. The company also continued to repurchase shares, with $158 million spent on stock repurchases in the quarter.
Progress continues on Wynn Al Marjan Island, with the sixty-first floor of the tower being poured. The project in the UAE is expected to open in 2027. Billings also mentioned that they're making progress toward the completion of the project, having finalized key food and beverage partnerships and agreed to key terms with a number of high-profile retail tenants.
In terms of performance indicators, VIP table games win as a percentage of turnover at Wynn Macau was 3.4%, slightly above the property's expected range of 3.1% to 3.4% and above the 2.2% in the second quarter of 2024. However, the table games win percentage in mass market operations at Wynn Palace was 22.3%, below the 23.6% experienced in the second quarter of 2024. At Wynn Macau, the table games win percentage in mass market operations was 17.4%, slightly below the 17.5% in the second quarter of 2024.
In the second quarter, operating revenues from Wynn Palace were $539.6 million, a decrease from $548 million in the same quarter of 2024. Adjusted property EBITDAR from Wynn Palace was $157.2 million for the second quarter, a decrease from $184.5 million in the same quarter of 2024. Adjusted property EBITDAR from Wynn Macau, on the other hand, remained consistent with $96.5 million in the same quarter of 2024.
Net income was $66.2 million for the second quarter, a decrease from $111.9 million in the same quarter of 2024. Operating revenues from Wynn Macau were $343.8 million for the second quarter, an increase from $337.3 million in the same quarter of 2024.
In summary, Macau operations (including Wynn Palace) showed a notable decline, Massachusetts and Nevada were relatively flat or slightly down, but overall revenues remain strong with marginal growth in the second quarter. Wynn Al Marjan Island is progressing well, with key partnerships and tenant agreements in place. Despite the revenue decline in some regions, Wynn Resorts continues to focus on shareholder returns and the development of its global portfolio.
- Despite the declines in its Macau and Massachusetts operations, Wynn Resorts generated healthy market share and significant free cash flow, focusing on the return of capital to shareholders.
- Wynn's Las Vegas resorts, particularly the Wynn Palace and Encore Boston Harbor, witnessed a mixed performance compared to the same period in 2024, but they shone brightly, reporting a record for property-level adjusted earnings in the second quarter of 2025.
- In the gambling scene of Las Vegas and beyond, Wynn Resorts continues to expand its global portfolio, progressing well on the Wynn Al Marjan Island project in the UAE, with the sixty-first floor of the tower being poured, expected to open in 2027.
