Wynn Resorts: Vegas earnings soar in Q2 despite difficulties

Wynn Resorts delivered a mixed second-quarter performance for 2025, where it presented modest revenue gains with regionally contrasting outcomes and some ambitious expansion plans.

The company's net income per share was $0.64, which is down from the $0.91 of 2024. The Adjusting Property EBITDAR was $552.4 million for Q2 2025, compared to $571.7 million in 2024.

Macau operations

Operating revenues from Wynn Palace in Macau were $539.6 million for Q2 of 2025, a significant drop from $548.0 million in 2024. EBITDAR from Wynn Palace was $157.2 million for Q2 2025, compared to $184.5 million for 2024. The VIP table game was also disappointing, as no one expected a drop from 4.1% to 2.86%.

Another resort, Wynn Macau, showed an increase of $6.5 million in operating revenue compared to last year. The Adjusted Property EBITDAR was $96.5 million compared to $95.9 million in 2024.

Las Vegas Operations

Across the board, the Las Vegas venue showed an impressive increase with a hefty rise in numbers. Revenues from Las Vegas were $638.6 million for Q2 2025, up with $10.0 million from the $628.7 million in 2024.

The Adjusted Property EBITDAR for Q2 2025 also saw an increase, with the result showing $234.8 million compared to $230.3 million in 2024.

That comes after Wynn Resorts was recently fined $5.5 million by the Nevada Gaming Commission.

Encore Boston Harbour

The operating revenues for Encore Boston Harbour were $215.7 million for the second quarter of 2025, which is an increase from the $212.6 million for 2024.

Another increase was noted in the Adjusted Property EBITDAR, as it stood at $63.9 million for the second quarter in 2025, compared to the $62.1 million of 2024.

Wynn Al Majan Island development

During the second quarter of 2025, Wynn Resorts Limited contributed $58.2 million to the 40% joint venture in the UAE, increasing the cash contributions to the project to $741.1 million. Plans include finalisation of food and beverage partnerships and retail tenant agreements, with Wynn Al Marjan Island expected to open its doors in 2027.

Wynn Resorts anticipated being the UAE's sole gaming operator at launch. To be able to concentrate solely on the UAE, Wynn has put a pause on other international expansions.

In June 2025, Wynn withdrew from the race for a downstate New York casino license, and the plans for Thailand are also gathering dust due to regulatory shifts.

Ups and downs for Wynn

Wynn Resorts CEO, Craig Billings, commented:

“Our second quarter results evidenced continued strength across our business and were distinguished by a new second quarter record for Adjusted Property EBITDAR in Las Vegas.” He mentioned that although the negative results in Macau, they still hold a healthy market share and significant free cash flow.

The reaction from the market was anything but positive, as they saw a decline in shares of approximately 3%, hours after the release of the earnings. This suggests investor disappointment. Analysts are also currently projecting the Q3 2025 revenue at $1.76 billion and a full-year revenue of $7.13 billion.

While Wynn did not provide any formal guidance, management highlighted ongoing investments in Macau and the UAE development, while still continuing with capital returns to shareholders.

Cash as of June 30 2025, stood at $1.98 billion, which includes $1.74 billion (Wynn Macau and subsidiaries) and $231.2 million (Wynn Resorts Finance and subsidiaries).

Wynn's total current and long-term debt was $10.54 billion, including:

• $5.79 billion Macau-related
• $875.4 million of Wynn Las Vegas
• $3.28 billion of Wynn Resorts Finance
• $597.8 million held by the retail joint venture

Wynn bets big on UAE future

Even as profits fell, Las Vegas showed that luxurious positioning still pays off, as Vegas dazzles, despite headwinds. The strong performance of Vegas and the struggling Macau creates a captivating narrative of resilience and regional divergence.