Wynn Resorts Q4 Delivers Mixed Bag: Revenue Up, Earnings Miss the Mark
Wynn Resorts closed out 2025 with a quarter that saw varied results. While it reported a slight increase in operating revenue year-over-year (YoY), the company’s earnings came in below analyst expectations.
The company generated $1.87 billion in operating revenue in the fourth quarter of 2025, up from the $1.84 billion reported a year earlier. However, Adjusted Property EBITDAR moved in the opposite direction. It totaled $568.8 million for the quarter, down from $619.1 million in the fourth quarter of 2024. Net income fell to $100 million, reduced from $277 million a year earlier.
The Las Vegas-based company reported the adjusted earnings per share of $1.17, falling short of the $1.33 per-share average forecast from analysts. In early trading on Friday, shares were up modestly to $110.68 from a close of $107.85 on Thursday.
On Thursday’s earnings call, executives emphasized the bigger picture. They highlighted stability in Las Vegas, growth potential in Macau, and the upcoming 2027 opening of Wynn Al Marjan Island in the UAE as a key step in expanding Wynn’s global footprint.
Chad Beynon, Senior Gaming Analyst at Marquarie Capital, mostly agreed with Wynn’s outlook.
“Results were roughly in line with expectations. … We were pleased with the numbers (outperformance in Las Vegas compared to peers; stability in Boston, and growth in Macau along with the market),” Beynon said in an email to Gambling Insider. “For ’26, we are constructive on Macau and Wynn’s ability to take market share, given their new amenities.”
Las Vegas Holds Steady Despite Strip’s Challenges
In Las Vegas, Wynn generated $240.8 million in Adjusted Property EBITDAR on $688.1 million in revenue during the fourth quarter, down $11.4 million in Adjusted Property EBITDAR from the prior year.
Wynn Resorts CEO Craig Billings said the 2024 quarter was boosted by nearly 31% table games hold, creating a difficult comparison. He added that while the table hold in Q4 was 26% in 2025, when adjusted for hold, Q4 2025 Adjusted Property EBITDAR edged above the prior year.
Billings said he was pleased with the increase in gaming volumes in the quarter from high-end customers, which signals that the tables and slots are helping the property to keep pace, even as the Las Vegas Convention and Visitors Authority reported a 7.5% drop in visitation to Las Vegas.
“We feel good about our ability to perform really, really well in 2026,” Billings said. “I mean, by any kind of historical standards, Wynn Las Vegas is absolutely crushing it.”
The company is also remodeling the Encore Tower beginning in mid-May and will last about 12 months. The project will remove roughly 80,000 room nights from inventory in 2026, according to Billings, who expects to offset some of that through higher room rates.
Boston and Macau See Strong Volumes But Weak Hold
Encore Boston Harbor posted $57 million in Adjusted Property EBITDAR on $210.2 million in revenue, with slot revenue up 2% and hitting a new property record, according to CFO Julie Cameron-Doe. Billings said lower-than-normal table hold masked otherwise strong fundamentals, including higher table drop and steady cost control.
Wynn’s Macau operations, including Wynn Palace and Wynn Macau, generated $270.9 million in Adjusted Property EBITDAR on $967.7 million in revenue. Billings pointed out that VIP turnover surged 48% year-over-year, while mass drop climbed 18%. However, low VIP hold cost the company more than $16 million in EBITDAR during the quarter.
“This quarter was all about significant volume growth, but unusually low hold in both VIP and mass,” Billings said.
Full-Year Results Show Stability
The fourth-quarter dynamics carried through the full year. Wynn reported just over $7.14 billion in revenue in 2025, essentially flat compared to $7.13 billion in 2024.
Adjusted Property EBITDAR reached $2.22 billion, which is a drop from $2.36 billion the year prior. The net income fell from $501 million in 2024 to $327 million in 2025. The board also approved a quarterly dividend of $0.25 per share.
UAE Expansion Marks a Strategic Shift
Beyond quarterly numbers, much of the call centered on Wynn Al Marjan Island, the company’s upcoming integrated resort in the UAE, scheduled to open in Q1 2027.
The company reached a major construction milestone in Q4. It topped out the 70th floor of the tower, with exterior glass nearly complete and interior fit-out underway, Billings said. Wynn has now contributed more than $914 million in equity to date to the project.
Billings noted that once the Wynn Al Marjan Island opens, more than 55% of the company’s revenue is expected to come from non-US dollar-denominated markets, including Macau and the UAE.
Wynn Eyes Strong Long-Term Strategy
Looking beyond the quarter, Beynon likes Wynn’s positioning in the luxury and global markets.
“Supply for luxury properties has slowed during the past few years, and it takes years to construct these properties. Wynn invests in their properties at a higher rate (particularly in Vegas and Macau) more than others. We believe they’re well-positioned,” Beynon said.
Billings echoed that optimism.
“As we begin 2026, Wynn Resorts is on track to become one of the most globally diversified companies in our industry,” the CEO said.
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