Wynn Resorts — Financial Results
Revenue Was Essentially Flat, But the Mix Shifted Toward Gaming
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Total operating revenues | $7.14B | $7.13B | +0.1% |
| Casino revenues | $4.41B | $4.26B | +3.5% |
| Non-casino revenues | $2.73B | $2.87B | -4.8% |
Total revenues barely moved year-over-year, but underneath that stillness the business shifted. Casino gambling revenues grew 3.5%, while hotel, food, and entertainment revenues dropped 4.8%. Part of the non-casino decline was a one-time effect: 2024 included extra food and beverage revenue from Super Bowl events at Las Vegas that did not repeat in 2025.
Net Income Fell Sharply Despite Stable Revenue
| Metric | 2025 | 2024 | Change |
|---|---|---|---|
| Net income (attributable to Wynn) | $327M | $501M | -34.7% |
| Diluted earnings per share | $3.14 | $4.35 | -27.8% |
| Income tax expense | $105M | $3.7M | +$101.3M |
The profit drop had little to do with operations — it was driven almost entirely by a $101.3 million jump in income tax expense and a $63.8 million decline in interest income (the company held less cash earning interest than in 2024). The One Big Beautiful Bill Act, signed in July 2025, reduced the company's ability to use accumulated foreign tax credits, directly inflating the tax bill.
Wynn Palace (Macau) Had a Strong Casino Year But Hotels Disappointed
Wynn Palace's casino revenues rose 7.9% to $1.94 billion, powered by a 27.5% surge in VIP turnover (the total amount wagered by high-roller clients) and an 11.2% jump in mass-market table drop (cash brought to the tables). However, hotel revenue at Wynn Palace fell 26.3% — the average nightly rate dropped from $310 to $223 — pulling the property's overall profit contribution down $50.8 million year-over-year.
Wynn Macau (the Older Property) Is Losing Ground in VIP Gaming
At Wynn Macau, VIP casino revenues fell 37.6% to $110.8 million. Both volume (turnover down 13.9%) and the win percentage (the share of wagers the casino keeps, at 2.55% versus an expected 3.1–3.4%) moved in the wrong direction simultaneously. The property reduced its average number of VIP tables from 30 to 21. Mass-market play held roughly flat, but the overall property posted a $39.7 million decline in operating profit.
Las Vegas Is Investing Heavily, With a Big Spending Cycle Ahead
Adjusted Property EBITDAR (operating profit before interest, taxes, and depreciation — the standard profitability measure in gaming) at Las Vegas fell $44.4 million to $902.4 million, partly due to one-time costs tied to the 20th anniversary celebrations of Wynn Las Vegas, including special employee stock awards. More significantly, the company plans $375–$400 million in Las Vegas capital spending in 2026, stepping down to $150–$175 million in 2027 — a major renovation cycle that will weigh on near-term cash flows.
Wynn Al Marjan Island (UAE) Is a Growing Cash Commitment Opening in 2027
The company has invested $914.2 million to date in its 40%-owned resort under construction in Ras Al Khaimah, UAE, and estimates it still owes another $425–$500 million in equity contributions before the property opens in 2027. A $2.4 billion construction loan (secured by the project, not by Wynn directly) was arranged in early 2025. This is the company's biggest growth bet — the UAE has no existing large-scale casino market — and it carries meaningful completion and execution risk alongside the opportunity.
The Company Returned Cash to Shareholders While Managing Its Debt Load
Wynn repurchased $380.1 million of its own shares in 2025 and paid $174.7 million in dividends ($1.00 per share annually). On the debt side, it refinanced strategically — issuing $1 billion of new WML notes due 2034 to retire shorter-dated 2026 notes, and extending its main U.S. credit facility to 2030. Total debt stands at roughly $10.6 billion, with the largest repayments not due until the 2027–2029 window.