Wynn Resorts — Income Statement, Cash Flows & Balance Sheet
Is Wynn Resorts profitable?
Wynn Resorts grew revenue modestly in 2025 but net income dropped meaningfully, largely due to higher taxes and derivative losses.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Total operating revenues | $7,128M | $7,138M | +0.1% |
| Operating income | $1,133M | $1,118M | -1.3% |
| Income before income taxes | $643M | $514M | -20.1% |
| Net income attributable to Wynn Resorts | $501M | $327M | -34.7% |
| Diluted EPS | $4.35 | $3.14 | -27.8% |
Revenue was essentially flat year-over-year, and operating income held relatively steady. The sharper drop in net income reflects a much higher tax provision (up from roughly $4M to $105M) and a swing in derivative fair-value adjustments from a gain to a loss, items that distort the headline profitability decline versus the underlying operating performance. One-time charges in 2024 — including $130M in legal forfeitures and $62M in scrapped project costs — make that year's operating income look somewhat flattered in comparison.
Where does Wynn Resorts' revenue come from?
Las Vegas and Macau each contribute roughly one-third of revenue, with Macau showing the strongest growth while Las Vegas held firm.
| Segment | 2024 Revenue | 2025 Revenue | Change |
|---|---|---|---|
| Wynn Palace (Macau) | $2,218M | $2,307M | +4.0% |
| Wynn Macau | $1,465M | $1,411M | -3.7% |
| Las Vegas Operations | $2,572M | $2,573M | +0.04% |
| Encore Boston Harbor | $857M | $847M | -1.2% |
Wynn Palace drove all of Macau's net growth, while Las Vegas stayed resilient and Boston softened slightly.
| Segment Adjusted EBITDAR (non-GAAP) | 2024 | 2025 | Change |
|---|---|---|---|
| Wynn Palace | $734M | $683M | -6.9% |
| Wynn Macau | $442M | $402M | -9.0% |
| Las Vegas Operations | $947M | $902M | -4.8% |
| Encore Boston Harbor | $247M | $237M | -4.0% |
Despite revenue holding up well, profitability at the property level — measured by Adjusted Property EBITDAR, a non-GAAP figure that strips out interest, taxes, depreciation and corporate costs — declined across all four segments. Las Vegas remains the largest profit contributor, but Macau collectively is closing the gap.
Does Wynn Resorts generate cash?
Wynn Resorts generates strong operating cash flow, but heavy investment spending and capital returns to shareholders consumed nearly all of it in 2025.
| Cash Flow Item | 2024 | 2025 | Change |
|---|---|---|---|
| Operating cash flow | $1,426M | $1,353M | -5.1% |
| Capital expenditures | $(420M) | $(660M) | +57.2% |
| Free cash flow (GAAP operating CF minus capex) | $1,006M | $693M | -31.1% |
| Share repurchases | $(402M) | $(380M) | -5.4% |
| Dividends paid | $(140M) | $(175M) | +25.2% |
The business reliably converts revenue into cash, but free cash flow shrank as capital spending jumped — primarily due to accelerated investment at the Macau properties and Las Vegas, plus growing cash contributions to the Wynn Al Marjan Island project in the UAE. After buybacks and dividends, the company's cash balance fell by roughly $1 billion.
How strong is Wynn Resorts' balance sheet?
Wynn Resorts carries a very heavy debt load that exceeds its total assets, resulting in a stockholders' deficit — a common but notable feature of large casino operators.
| Item | 2024 | 2025 | Change |
|---|---|---|---|
| Total long-term debt | $10,500M | $10,537M | +0.4% |
| Cash & equivalents | $2,426M | $1,463M | -39.7% |
| Total stockholders' deficit | $(969M) | $(1,031M) | Wider |
| Current portion of long-term debt | $41M | $9M | -77.6% |
Debt is the defining feature of Wynn's balance sheet — over $10.5 billion, spread across bonds and revolving facilities at both the Macau and U.S. entities, with major maturities clustering in 2027–2029. Cash fell significantly as investment spending increased, though the company maintains over $2.5 billion in available revolving credit capacity across its facilities. Near-term debt obligations are minimal, so liquidity pressure is not immediate, but the leverage level means interest expense (over $625M in 2025) is a persistent drag on net income.