Key points:
- Q1 2025 revenue fell 8.7% year-on-year to $1.70bn
- Net income declined 49.6% to $72.7m; diluted EPS down 46.9% to $0.69
- Adjusted Property EBITDAR fell 17.6% to $532.9m
Wynn Resorts reported $1.70bn in revenue for Q1 2025, an 8.7% year-on-year decline. Net income attributable to the company fell 49.6% to $72.7m, while diluted EPS dropped 46.9% to $0.69.
Adjusted Property EBITDAR decreased 17.6% to $532.9m, down from $646.5m in Q1 2024. Adjusted net income fell 36% to $113.1m, or $1.07 per diluted share.
The year-on-year decline reflects the absence of major one-off drivers, such as the Las Vegas Super Bowl in Q1 2024 and weaker performance in Wynn’s Macau operations, where VIP win rates underperformed.
Macau segment sees double-digit drops across properties
Revenue at Wynn Macau fell 19.9% to $330.0m, down from $411.7m in Q1 2024. Adjusted Property EBITDAR declined 34.3% to $90.2m. VIP table games win as a percentage of turnover fell sharply to 1.09%, well below the 3.39% reported in Q1 2024 and outside the expected 3.1%–3.4% range.
At Wynn Palace, revenue fell 8.7% to $535.9m, while EBITDAR dropped 20% to $161.9m. VIP win rate declined from 3.30% to 2.61%. Mass table games win edged up slightly to 24.8%, from 24.5% a year earlier.
Las Vegas operations hold steady after record quarter
Wynn’s Las Vegas revenue decreased 1.8% to $625.3m. EBITDAR declined 9.3% to $223.4m. Table games win percentage stood at 24.3%, down from 25.9%, but within the expected 22%–26% range.
Good to know: The year-on-year decline was expected following a Super Bowl-driven revenue spike in Q1 2024
Encore Boston Harbor sees moderate contraction
Encore Boston Harbor posted a 4% decline in revenue to $209.2m, while EBITDAR fell 8.9% to $57.5m. Table games win percentage dropped from 22.6% to 20.5%, still within the property’s expected range.
Wynn Al Marjan Island project reaches new milestone
Wynn contributed an additional $51.2m to the UAE-based Wynn Al Marjan Island development during the quarter, bringing total investment to $682.9m. The hotel tower has now reached its 47th floor, with opening planned for 2027. The project remains Wynn’s first expansion into the Middle East.
Capital return strategy continues with $200m in buybacks
Wynn repurchased 2.36m shares at an average price of $84.76 during Q1, spending $200m. The company still has $613m in repurchase authority remaining. A quarterly dividend of $0.25 per share was declared, payable on 30 May 2025.
FY2024 momentum gives way to a transitional quarter
The latest figures follow Wynn’s FY2024 results, where revenue rose 9.1% to $7.13bn, led by a 14.6% gain in Macau. However, net income declined 31.4% to $501.1m as one-off tax benefits normalised.
Q4 2024 hinted at softer momentum, with revenue flat and EBITDAR down 1.8%. The Q1 2025 report confirms that while underlying performance remains stable, elevated comparatives and lower VIP volumes are temporarily dampening growth.
